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Islandsbanki hf (IRSH)

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Friday 12 April, 2019

Islandsbanki hf

Tender Offer Results

RNS Number : 0488W
Islandsbanki hf
12 April 2019
 

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.

NOT FOR 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 OR THE DISTRICT OF COLUMBIA (the United States) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

Íslandsbanki hf. announces results of its Tender Offer for its
€500,000,000 1.750 per cent. Notes due 7 September 2020

12 April 2019. Íslandsbanki hf. (the Offeror) announces today the results of its invitation to holders of its outstanding €500,000,000 1.750 per cent. Notes due 7 September 2020 (the Notes) to tender their Notes for purchase by the Offeror for cash (such invitation, the Offer).

The Offer was announced on 4 April 2019 and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 4 April 2019 (the Tender Offer Memorandum) prepared by the Offeror. Capitalised terms used in this announcement but not defined have the meaning given to them in the Tender Offer Memorandum.

The Expiration Deadline for the Offer was 5.00 p.m. (CET) on 11 April 2019.

As at the Expiration Deadline, the Offeror had received valid tenders of €400,335,000 in aggregate nominal amount of the Notes for purchase pursuant to the Offer. The Offeror announces that it has decided to set the Final Acceptance Amount at €300,000,000 and, therefore, subject to the satisfaction (or waiver) of the New Financing Condition on or prior to the Settlement Date, it will accept for purchase Notes validly tendered pursuant to the Offer, subject to pro rata scaling at a Scaling Factor of 74.7895 per cent., as further described in the Tender Offer Memorandum.

The Purchase Price the Offeror will pay for those Notes accepted for purchase pursuant to the Offer is 102.732 per cent. of their nominal amount, and the Offeror will also pay an Accrued Interest Payment in respect of such Notes.

A summary of the final results of the Offer appears below:

Description of Notes

ISIN /
Common Code

Aggregate nominal amount validly tendered pursuant to the Offer

Final Acceptance Amount

Scaling Factor

Purchase Yield

Purchase Price

€500,000,000 1.750 per cent. Notes due 7 September 2020

XS1484148157 / 148414815

€400,335,000

€300,000,000

74.7895 per cent.

-0.20 per cent.

102.732 per cent.

Subject to the satisfaction (or waiver) of the New Financing Condition, settlement of the purchase of the relevant Notes pursuant to the Offer is expected to take place on 15 April 2019, after which €200,000,000 in aggregate nominal amount of the Notes will remain outstanding.

Citigroup Global Markets Limited (Telephone: +44 20 7986 8969; Attention: Liability Management Group; Email: [email protected]), Deutsche Bank AG, London Branch (Telephone: +44 20 7545 8011; Attention: Liability Management Group); Merrill Lynch International (Telephone: +44 20 7996 5420; Attention: Liability Management Group; Email: [email protected]); and Morgan Stanley & Co. International plc (Telephone: +44 20 7677 7799; Attention: Liability Management; Email: [email protected]) are acting as Dealer Managers for the Offer.

Lucid Issuer Services Limited (Telephone: +44 20 7704 0880; Attention: Arlind Bytyqi; Email: [email protected]) is acting as Tender Agent for the Offer.

This announcement is released by Íslandsbanki 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 Jón Guðni Ómarsson, Chief Financial Officer at Íslandsbanki hf.

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement.  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 comes are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions. 

 

 

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.

 

 


 


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