Reference is made to an announcement made by Íslandsbanki hf. (the “Issuer” or “Islandsbanki”) 30 November 2023 regarding an invitation to holders of certain of the Issuer’s outstanding SEK and NOK senior notes maturing in 2024 and outlined below (the “Notes”) to tender any and all of the Notes for purchase by the Issuer for cash (the “Tender Offer”) and an announcement made 1 December 2023 whereby Íslandsbanki announced updated pricing of certain notes in the Tender Offer. The Tender Offer was made on the terms and subject to the conditions contained in the Tender Information Document dated 1 December 2023.
Results and Pricing
The Tender Offer expired at 12:00pm CET on 4 December 2023. The Issuer will accept all valid tender instructions pursuant to the Tender Offer. The Results and Pricing of the Tender Offer are set out in the table below:
Description of the Notes / ISIN / Purchase Spread / Purchase Price / Amount Accepted
SEK 250,000,000 FRN due March 2024 / XS2325364110 / DM + 110bps / 99.928% / 130,000,000
SEK 200,000,000 FRN due July 2024 / XS2361673218 / DM + 130bps / 99.709% / 84,000,000
SEK 800,000,000 FRN due November 2024 / XS2557201394 / DM + 140bps / 102.692% / 267,000,000
NOK 400,000,000 FIXED due January 2024 / NO0010842396 / MS + 30bps / 99.823% / 264,000,000
NOK 150,000,000 FRN due March 2024 / NO0010964836 / DM + 110bps / N/A / N/A
NOK 475,000,000 FRN due July 2024 / NO0011042269 / DM + 130bps / 99.731% / 325,000,000
The Issuer will also pay an amount equal to any accrued and unpaid interest on the Notes on the Settlement Date (as defined below) in accordance with the terms and conditions of the Notes.
Settlement
Settlement of the Tender Offer is expected to occur with settlement T+2 business days from the expiration date of the Tender Offer, being 6 December 2023 (“Settlement Date”).
Dealer Manager
Skandinaviska Enskilda Banken AB (publ)
Telephone: +44 7818 426 149
Email: liabilitymanagementdcm@seb.se
Íslandsbanki hf.: Íslandsbanki announces pricing and results of tender offer regarding outstanding SEK and NOK notes