Islandsbanki hf.: Íslandsbanki announces Tender Offer for EUR Senior Notes

Íslandsbanki hf. (the Offeror) announces today an invitation to holders of its outstanding EUR300,000,000 Senior Callable Fixed to Fixed Rate Notes due 19 January 2024 (ISIN: XS1755108344) (the Notes) to tender their Notes for purchase by the Offeror for cash (such invitation the Offer).

Full announcement available via London Stock Exchange

"Rationale for the Offer

The purpose of the Offer is to manage the Offeror's debt maturity profile and liquidity 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. Pursuant to Condition 7.4 (Redemption at the option of the Issuer (Issuer Call)) of the terms and conditions of the Notes (the Conditions), and subject to market conditions, the Offeror currently intends to redeem any Notes outstanding after the Offer on the optional redemption date set forth in the final terms relating to the Notes (19 January 2023). The Offeror may, in its sole discretion, elect to not proceed with the optional redemption of any outstanding Notes. In the event the Offeror elects to proceed with the optional redemption of any outstanding Notes, it will publish formal notice of redemption in due course in accordance with the Conditions. This statement of intention is not a formal notice of redemption to the Noteholders pursuant to the Conditions."