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Arion Bank hf. - Consent Solicitation 2024 (XS) - Notice of Results

NOTICE OF RESULTS OF MEETING to the holders of those of the: €300,000,000 Series 2021-1 Tranche 1 0.050 per cent. Fixed Rate Covered Bonds due 5 October 2026 consolidated with €200,000,000 Series 2021-1 Tranche 2 0.050 per cent. Fixed Rate Covered Bonds due 5 October 2026 (ISIN: XS2391348740) (ISIN: XS2391348740)
 

08 MARCH 2024


Full announcement including disclaimers and offer restrictions available via Luxse


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"Meeting of the Covered Bondholders


The Meeting was held earlier today, and NOTICE IS HEREBY GIVEN to the Covered Bondholders that, at the Meeting in respect of the Covered Bonds the Extraordinary Resolution was duly passed and the Eligibility Condition was satisfied, and accordingly the Supplemental Deed of Covenant and the Supplemental Agency Agreement (the Amendment Documents) relating to the Covered Bonds will be executed on or about the Implementation Date and the amendments will be effective from 15 March 2024."


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INTERIM RESULTS OF CONSENT SOLICITATION to the holders of the: €300,000,000 Series 2021-1 Tranche 1 0.050 per cent. Fixed Rate Covered Bonds due 5 October 2026 consolidated with €200,000,000 Series 2021-1 Tranche 2 0.050 per cent. Fixed Rate Covered Bonds due 5 October 2026 (ISIN: XS2391348740)
 

26 FEBRUARY 2024


Full announcement including disclaimers and offer restrictions available via Luxse


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"Under the Consent Solicitation, each Eligible Covered Bondholder from whom a valid Consent Instruction for the Extraordinary Resolution was received by the Tabulation Agent by 4.00 p.m. (London time) on 23 February 2024 (such time and date with respect to the Covered Bonds, the Early Instruction Deadline) is eligible to receive payment of an amount equal to 0.025 per cent. of the nominal amount of the Covered Bonds that are the subject of such Consent Instruction (the Early Participation Fee), subject to (i) such Consent Instruction not being revoked (in the limited circumstances in which revocation is permitted), (ii) the Extraordinary Resolution being duly passed and (iii) satisfaction of the other Consent Conditions, all as more fully described in the Consent Solicitation Memorandum.


Consent Instructions received as at the Early Instruction Deadline indicate that 80.97 per cent. of Eligible Covered Bondholders have submitted Consent Instructions and that the Meeting is expected to be quorate.


100 per cent. of the Consent Instructions received as at the Early Instruction Deadline have been cast in favour of the Extraordinary Resolution, indicating that the Extraordinary Resolution is expected to be passed at the Meeting.


A formal results notice will be published by the Issuer following the conclusion of the Meeting in due course."


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Arion Bank hf. Announces Consent Solicitation in respect of €500,000,000 0.050 per cent. Fixed Rate Covered Bonds due 5 October 2026 (ISIN: XS2391348740)(The “Covered Bonds”)
 

12 FEBRUARY 2024


Full announcement including disclaimers and offer restrictions available via Luxse


ARION BANK HF.

(incorporated with limited liability in Iceland)

(the "Issuer")

NOTICE

to the holders of the

€300,000,000 Series 2021-1 Tranche 1 0.050 per cent. Fixed Rate Covered Bonds due 5 October 2026 consolidated with €200,000,000 Series 2021-1 Tranche 2 0.050 per cent. Fixed Rate Covered Bonds due 5 October 2026 (ISIN: XS2391348740)


The Issuer has today given a Notice of Meeting in respect of the Covered Bonds to be held from 10.00 a.m. (London time) via teleconference on 8 March 2024 for the purpose of soliciting a consent to modify the final terms of the Covered Bonds (the Final Terms) through a Supplemental Agency Agreement and the deed of covenant executed by the Issuer on 16 July 2021 in favour of the holders of the Covered Bonds (the Deed of Covenant), to give effect to the following:


(i) the Covered Bonds will no longer be rated by S&P Global Ratings Europe Limited (S&P); and

(ii) the covenants relating to the credit ratings provided by S&P in respect of the Covered Bonds or the Issuer shall cease to apply,

all as proposed by the Issuer (the Proposal) for approval by extraordinary resolution of the Covered Bondholders, all as further described in the consent solicitation memorandum dated 12 February 2024 (the Consent Solicitation Memorandum).


It should be noted that the Covered Bonds will continue to be rated by Moody's Investor Services Limited (Moody's) and the covenants provided to support the rating from Moody’s will continue to apply."


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Arion Bank hf. Announces Final Results of Tender Offer in respect of its €300,000,000 0.625% Notes due 27 May 2024


23 MAY 2023


Full announcement including disclaimers and offer restrictions available via Luxse


"23 May 2023. Arion Bank hf. (the Bank) announces today the results of its invitation to holders of its €300,000,000 0.625% Notes due 27 May 2024 (ISIN: XS2262798494) (the Notes) to tender any and all of their Notes for purchase by the Bank for cash (the Offer)."


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"The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 22 May 2023. As at the Expiration Deadline, the Bank had received valid tenders of €220,357,000 in aggregate nominal amount of the Notes for purchase.


Subject to the satisfaction of the New Financing Condition, the Bank announces that it has decided to accept all of the Notes validly tendered for purchase pursuant to the Offer.


Pricing for the Offer took place at or around 11.00 a.m. (London time) today. A summary of the final results of, and pricing for, the Notes appears below:"


 

Arion Bank hf. Announces Tender Offer for its €300,000,000 0.625% Notes due 2024


15 MAY 2023


Full announcement including disclaimers and offer restrictions available via Luxse



"15 May 2023. Arion Bank hf. (the Bank) announces today its invitation to holders of its €300,000,000 0.625% Notes due 2024 (ISIN: XS2262798494) (the Notes) to tender any and all of their Notes for purchase by the Bank for cash (the Offer). The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 15 May 2023 (the Tender Offer Memorandum) prepared by the Bank, and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum."


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"Rationale for the Offer


The Offer is being made as part of the Bank’s commitment to the active management of its balance sheet.

Details of the Offer


A summary of certain of the terms of the Offer appears below:"


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