REG - LANDSBANKINN HF. - LANDSBANKINN HF. Announces tender offer results

JPMorgan Chase & CoAnnouncement

19/02/2020 11:05

RNS Number : 4629D
LANDSBANKINN HF.
19 February 2020
 


THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIES OR MAY QUALIFY AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
19 February 2020
LANDSBANKINN HF.
(incorporated with limited liability in Iceland)

(the "Offeror")
announces the results of a tender offer

to the holders of its €500,000,000 1.625 per cent. Notes due 2021 (the "Existing Notes")

to tender their Existing Notes for purchase by the Offeror for cash up to €300,000,000 in aggregate nominal amount of the Existing Notes subject to the satisfaction of the New Issue Condition

(the "Offer")
 
Capitalised terms used in this announcement shall have the meaning given to them in the tender offer memorandum dated 11 February 2020 (the "Tender Offer Memorandum") unless defined otherwise herein.
On 11 February 2020, the Offeror announced the launch of the Offer to, all eligible holders (the "Noteholders") of its outstanding Existing Notes to tender their Existing Notes for purchase by the Offeror for cash up to the Maximum Acceptance Amount, subject to the satisfaction or waiver of the New Issue Condition. The Offer was made on the terms and subject to the conditions set forth in the Tender Offer Memorandum.
The Tender Offer expired at 4.00 p.m. (London time) on 18 February 2020.
Results of the Offer
Subject to satisfaction or waiver of the New Issue Condition on or prior to the Settlement Date, the Offeror is pleased to announce the results of the Offer and acceptance of the valid tenders of Existing Notes pursuant to the Offer as follows:



Existing Notes


 
Aggregate nominal amount of Existing Notes validly tendered pursuant to the Offer
 


Final Acceptance Amount


Pro-Ration Factor


Purchase Yield


Purchase Price


Aggregate nominal amount of Existing Notes outstanding after the Settlement Date




€500,000,000 1.625 per cent. Notes due 2021 (ISIN: XS1490640288)


€360,200,000


€300,000,000


84.51927 per cent.


-0.20 per cent.


101.944 per cent.


€200,000,000



 
 
Settlement Date
The Settlement Date is expected to be 21 February 2020. Subject to satisfaction or waiver of the New Issue Condition (completion of the issue of the New Notes is expected to occur on 20 February 2020) on the Settlement Date, the Offeror shall pay to the relevant Noteholders the Purchase Price and Accrued Interest in respect of the Existing Notes accepted for purchase.
Existing Notes accepted for purchase will be cancelled and not re-issued or re-sold. Existing Notes that have not been tendered or accepted for purchase pursuant to the Offer will remain outstanding.
Contact Information
Barclays Bank PLC, J.P. Morgan Securities plc and Merrill Lynch International are acting as Dealer Managers for the Offer and Lucid Issuer Services Limited is acting as Tender Agent.
 



DEALER MANAGERS



Barclays Bank PLC

5 The North Colonnade

Canary Wharf

London E14 4BB

United Kingdom
Attention: Liability Management Group

Telephone: +44 20 3134 8515

Email: eu.lm@barclays.com


J.P. Morgan Securities plc

25 Bank Street

London E14 5JP

United Kingdom


Attention: Liability Management

Telephone: +44 207 134 2468
Email: liability_management_EMEA@jpmorgan.com


Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom


Attention: Liability Management Group

Telephone: +44 (0) 20 7996 5420

Email: DG.LM-EMEA@bofa.com








TENDER AGENT




Lucid Issuer Services Limited

Tankerton Works

12 Argyle Walk
London WC1H 8HA

United Kingdom



Attention: Thomas Choquet

Telephone: +44 20 7704 0880

Email: landsbankinn@lucid-is.com



DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. If any Noteholder is in any doubt as to the content of this announcement or the Tender Offer Memorandum or the action it should take, it is recommended to seek its own financial advice, including in respect of any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser.
This announcement is released by Landsbankinn hf. and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the Offer described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Hreiðar Bjarnason, Chief Financial Officer for Landsbankinn hf.
 
 
 
 
 
 
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
 
 




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