Danmarks Skibskredit A/S - Tender Offer (DK) - Results

Danmarks Skibskredit A/S (the "Issuer") announces New Bond Offering and Tender Offer - ISIN DK0004132677

12 OCTOBER 2023

Full announcement including disclaimers and offer restrictions available via Danmarks Skibskredit A/S

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"Results of the Invitation

On 10 October 2023, Danmarks Skibskredit A/S (the "Issuer") announced (such announcement being the "Launch Announcement") an invitation to the holders of its outstanding EUR 500,000,000 0.125 per cent. Covered Bonds due 20 March 2025 with ISIN DK0004132677 (the "Bonds") to submit offers to sell the Bonds (each an "Offer") for cash. The invitation in respect of the Bonds to submit Offers is referred to as the "Invitation". Capitalised terms used and not otherwise defined in this announcement have the meanings given in the Launch Announcement.

The Issuer today announces that it will accept EUR 233,200,000 in aggregate nominal amount of the Bonds for purchase pursuant to the Invitation.

The final results of the Invitation are as follows:

Summary of the Invitation

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Danmarks Skibskredit A/S (the "Issuer") announces New Bond Offering and Tender Offer - ISIN DK0004132677

10 OCTOBER 2023

Full announcement including disclaimers and offer restrictions available via Danmarks Skibskredit A/S

"New Bonds Offering

Danmarks Skibskredit A/S (the "Issuer") announced today the commencement of an offering (the "New Bonds

Offering") of its EUR denominated fixed rate covered bonds (the "New Bonds") to be issued under the Issuer's bond

programme. Danske Bank A/S, DekaBank Deutsche Girozentrale, J.P. Morgan SE, Nordea Bank Abp and UniCredit

Bank AG will act as joint lead managers (together, the "Joint Lead Managers") in connection with the New Bonds

Offering. The settlement of the New Bonds Offering is expected to occur on or around 19 October 2023.

Invitation for Offers

The Issuer hereby announces an invitation to the holders of its outstanding EUR 500,000,000 0.125 per cent. Covered

Bonds due 20 March 2025 with ISIN DK0004132677 (the "Bonds") to submit offers to sell the Bonds (each an "Offer")

for cash. The Issuer intends to accept Bonds for purchase up to a maximum aggregate nominal amount of EUR

200,000,000 (the "Maximum Acceptance Amount"). The Issuer reserves the right, in its sole and absolute discretion,

to purchase more or less than the Maximum Acceptance Amount, subject to applicable law. The nominal amount of

Bonds which the Issuer elects to purchase pursuant to the Invitation (the "Nominal Purchase Amount") will be

announced following the Pricing Time (as defined below). The invitation in respect of the Bonds to submit Offers is

referred to as the "Invitation". Danske Bank A/S, DekaBank Deutsche Girozentrale, J.P. Morgan SE, Nordea Bank

Abp and UniCredit Bank AG will act as dealer managers (collectively, the "Dealer Managers") and Danske Bank A/S

will act as billing and delivering bank (the "Billing and Delivering Bank") for the Invitation. The Invitation is not

conditional upon any minimum participation by holders of the Bonds.

The period during which Offers may be submitted (the "Submission Period") will commence at the time of publication

of this announcement and will expire upon close of the book-building process for the New Bonds (the "Expiration

Time") (unless amended, extended or terminated in the sole and absolute discretion of the Issuer). The Issuer will

announce (the "Expiration Time Announcement") the Expiration Time as soon as reasonably practicable after the

book-building process for the New Bonds has opened. As soon as reasonably practicable after the Pricing Time, the

Issuer will announce the final results of the Invitation including (i) the Nominal Purchase Amount, (ii) any applicable

pro-ration factor (as described below) and (iii) details of the pricing (including the Purchase Price (as defined below)).

The settlement of the Invitation is expected to occur on the date of settlement of the New Bonds Offering (the

"Accepted Bonds Settlement Date") and the settlement in respect of the Accepted Bonds will be a separate process

from the settlement of the New Bonds Offering. The expected Accepted Bonds Settlement Date will be announced in

the Expiration Time Announcement. The above times and dates are subject to the Issuer's right to amend, extend or

terminate the Invitation.

Bonds subject to the Invitation for Offers

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