Brief: BankNordik to redeem outstanding bonds and issue new subordinated bonds
23/05/2016 07:00
May 23 (Reuters) - BankNordik P/F BNORDIK.CO :
* Banknordik to redeem outstanding bonds and issue new
subordinated bonds
* BankNordik has decided to issue new CRD IV compliant Tier
2
capital on June 24, 2016 in the amount of 225 million Danish
crowns, following discussions with investors
* New bonds will have a maturity of 10 years with first call
after 5 years and quarterly interest payments in arrears
* Coupon will be 5.0785 percent p.a., based on 5-year fixed
danish swap rate plus margin of 4.75 percent p.a.
* If bonds are not redeemed on June 24, 2021, interest rate
will be reset based on prevailing 3-months floating cibor rate
plus margin of 4.75 percent p.a.
* The net annual interest expense savings resulting from the
transactions will amount to approximately 20 million crowns
Source text for Eikon: ID:nICE6l92
Further company coverage: BNORDIK.CO
(Gdynia Newsroom)
((gdynia.newsroom@thomsonreuters.com; +48586983920;))