OP Corporate tenders for any and all tier 2 floating notes due 2025

By Sarah Lizee

Olympia, Wash., Aug. 6 – OP Corporate Bank plc launched a cash tender offer for any and all of its SEK 3.5 billion callable floating-rate dated tier 2 instruments due 2025 (ISIN: XS1280147569), according to a London Stock Exchange notice.

Concurrently, the issuer announced on July 31 that it is soliciting consents from holders to pass an extraordinary resolution providing for the issuer to have the option to redeem all, but not some, of the notes outstanding on Aug. 28 at par plus accrued interest on giving not less than three business days' notice.

Due to a delay in obtaining regulatory approval, the issuer is unable to exercise its right to redeem the instruments on the optional redemption date falling on Aug. 25.

The issuer is therefore inviting holders to tender any and all of their notes for purchase by the issuer for cash at par plus accrued interest, and to approve the extraordinary resolution.

The issuer intends to schedule the settlement date to fall on Aug. 25, in order to ensure that holders participating in the offer receive exactly the same consideration as they would have been entitled to receive in connection with the exercise of the issuer's early redemption option.

Instruments repurchased by the issuer under the offer will be immediately canceled.

The tender offer will expire at 5 a.m. ET on Aug. 21.

The dealer managers are J.P. Morgan Securities plc (+44 207 134 2468, liability_management_emea@jpmorgan.com), OP Corporate Bank plc (+358 10 252 1668, liabilitymanagement@op.fi) and Swedbank AB (publ) (+46 700 92 22, syndicate@swedbank.se).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, op@lucid-is.com).

The bank is based in Helsinki, Finland.

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