Íslandsbanki hf. - Tender Offer - Launch

Íslandsbanki hf. announces Tender Offer for its €300,000,000 0.500 per cent. Notes due 20 November 2023

09 MAY 2023

Full announcement including disclaimers and offer restrictions available via nasdaq

"9 May 2023. Íslandsbanki hf. (the Offeror) announces today an invitation to holders of its outstanding €300,000,000 0.500 per cent. Notes due 20 November 2023 (ISIN: XS2259867039) (the Notes) to tender their Notes for purchase by the Offeror for cash (such invitation the Offer), subject to the satisfaction (or waiver) of the New Financing Condition.

The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 9 May 2023 (the Tender Offer Memorandum) prepared by the Offeror, and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum.

Copies of the Tender Offer Memorandum are (subject to distribution restrictions) available from the Tender Agent as set out below. Capitalised terms used in this announcement but not defined have the meaning given to them in the Tender Offer Memorandum."

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"Rationale for the Offer

The purpose of the Offer and the proposed issue of the New Notes (as defined below) is to manage the Offeror's debt maturity profile in an efficient manner. Furthermore, the Offer will provide liquidity to those holders whose Notes are accepted in the Offer. The Offeror intends to cancel any Notes purchased pursuant to the Offer."

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