REG - Kommunal Landspensj - KLP ANNOUNCES INDICATIVE RESULTS OF TENDER OFFER

Danske Bank A/SAnnouncement

29/06/2020 10:40

RNS Number : 3626R
  
Kommunal Landspensjonskasse
  
29 June 2020
  
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (the "United States") OR TO ANY U.S. PERSON (as defined in the Tender Offer Memorandum (as defined below)) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 ("MAR").
FOR THE PURPOSES OF MAR AND ARTICLE 2 OF COMMISSION IMPLEMENTING REGULATION (EU) 2016/1055, THIS ANNOUNCEMENT IS MADE BY OLIVER SIEM, DIRECTOR OF KOMMUNAL LANDSPENSJONSKASSE GJENSIDIG FORSIKRINGSSELSKAP.
29 June 2020
KOMMUNAL LANDSPENSJONSKASSE GJENSIDIG FORSIKRINGSSELSKAP ANNOUNCES INDICATIVE RESULTS OF TENDER OFFER
On 19 June 2020, Kommunal Landspensjonskasse Gjensidig Forsikringsselskap (the "Issuer") launched its invitation to holders of its EUR 600,000,000 Fixed/Floating Rate Dated Subordinated Notes due 2045 (the "Notes") to tender such Notes for purchase by the Issuer for cash up to a maximum aggregate principal amount of EUR 450,000,000 (such invitation, the "Offer"). The Offer was made on the terms and subject to the conditions contained in the tender offer memorandum dated 19 June 2020 (the "Tender Offer Memorandum") and is subject to the offer restrictions described in the Tender Offer Memorandum. Capitalised terms used and not otherwise defined in this announcement have the meanings given to them in the Tender Offer Memorandum.
The Issuer today announces the non-binding indicative acceptance and results of the Offer. Based on information provided by the Tender Agent with respect to valid Tender Instructions received (and not validly withdrawn) as at the Expiration Deadline, the following table sets out a non-binding indication of the basis on which the Issuer currently expects to accept in full all valid tenders of Notes in the Offer:




Description of Notes




ISIN




First Call Date




Purchase Spread




 
Aggregate Principal Amount of Notes validly tendered




Aggregate Principal Amount of Notes that the Issuer intends to purchase




Aggregate Principal Amount Remaining Outstanding





EUR 600,000,000 
Fixed/Floating Rate Dated Subordinated Notes due 2045


XS1217882171


10 June 2025


210 bps


EUR 306,012,000


EUR 306,012,000


EUR 293,988,000



The Offer remains subject to the conditions and restrictions set out in the Tender Offer Memorandum. Pricing is expected to take place at or around 13.00 hours, CEST today (the "Pricing Time") and the expected Settlement Date is 2 July 2020. As soon as reasonably practicable after the Pricing Time, the Issuer will announce whether it will accept for purchase Notes validly tendered in the Offer and, if so, the final pricing details of the Offer.
All Notes repurchased pursuant to the Offer will be cancelled.
Full details concerning the Offer are set out in the Tender Offer Memorandum.
Citigroup Global Markets Limited (Telephone: +44 20 7986 8969; Email: liabilitymanagement.europe@citi.com; Attention: Liability Management Group), Danske Bank A/S (Telephone: +45 33 64 88 51; Email: liabilitymanagement@danskebank.dk; Attention: 3775 Debt Capital Markets) and J.P. Morgan Securities plc (Telephone: +44 20 7134 2468; Email: liability_management_EMEA@jpmorgan.com; Attention: Liability Management) are acting as Dealer Managers and Lucid Issuer Services Limited (Telephone: +44 20 7704 0880; Email: klp@lucid-is.com; Attention: Arlind Bytyqi) is acting as Tender Agent.
DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire or sell any securities is being made pursuant to this announcement. The Dealer Managers do not take responsibility for the contents of this announcement and/or the Tender Offer Memorandum. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum come into are required by each of the Issuer, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.


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