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Islandsbanki hf. - Tender Offer 2024 (XS) - Launch
Íslandsbanki hf. announces Tender Offer for its €300,000,000 0.750 per cent. Senior Preferred Sustainability Notes due 25 March 2025 - XS2411447043
19 MARCH 2024
Full announcement including disclaimers and offer restrictions available via islandsbank hf
Scroll below for information on previous offers of this Issuer
19 March 2024. Íslandsbanki hf. (the Offeror) announces today an invitation to holders of its outstanding €300,000,000 0.750 per cent. Senior Preferred Sustainability Notes due 25 March 2025 (ISIN: XS2411447043) (the Notes) to tender any and all of their Notes for purchase by the Offeror for cash (such invitation, the Offer), subject to the satisfaction (or waiver) of the New Financing Condition.
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Summary of the Offer
Rationale for the Offer
The purpose of the Offer and the proposed issue of the New Notes (as defined below) is to extend the Offeror's debt maturity profile in an efficient manner and to optimise its cost of debt. Furthermore, the Offer will provide liquidity to those holders whose Notes are accepted in the Offer. The Offeror intends to cancel the Notes purchased by it pursuant to the Offer and such Notes will therefore not be re-issued or re-sold."
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Correction: Íslandsbanki hf.: Íslandsbanki announces pricing and results of tender offer regarding outstanding SEK and NOK notes
04 DECEMBER 2023
Full announcement including disclaimers and offer restrictions available via islandsbank hf
"This announcement supersedes the earlier release with the same title published on 4 December 2023.
The buyback amounts of the NOK 400m Notes due January 2024 and the NOK 475m Notes due July 2024 have been changed.
Reference is made to an announcement made by Íslandsbanki hf. (the “Issuer” or “Islandsbanki”) 30 November 2023 regarding an invitation to holders of certain of the Issuer’s outstanding SEK and NOK senior notes maturing in 2024 and outlined below (the “Notes”) to tender any and all of the Notes for purchase by the Issuer for cash (the “Tender Offer”) and an announcement made 1 December 2023 whereby Íslandsbanki announced updated pricing of certain notes in the Tender Offer. The Tender Offer was made on the terms and subject to the conditions contained in the Tender Information Document dated 1 December 2023.
Results and Pricing
The Tender Offer expired at 12:00pm CET on 4 December 2023.
The Issuer will accept all valid tender instructions pursuant to the Tender Offer.
The Results and Pricing of the Tender Offer are set out in the table below:
Description of the Notes / ISIN / Purchase Spread / Purchase Price / Amount Accepted
SEK 250,000,000 FRN due March 2024 / XS2325364110 / DM + 110bps / 99.928% / 130,000,000
SEK 200,000,000 FRN due July 2024 / XS2361673218 / DM + 130bps / 99.709% / 84,000,000
SEK 800,000,000 FRN due November 2024 / XS2557201394 / DM + 140bps / 102.692% / 267,000,000
NOK 400,000,000 FIXED due January 2024 / NO0010842396 / MS + 30bps / 99.823% / 260,000,000
NOK 150,000,000 FRN due March 2024 / NO0010964836 / DM + 110bps / N/A / N/A
NOK 475,000,000 FRN due July 2024 / NO0011042269 / DM + 130bps / 99.731% / 329,000,000
The Issuer will also pay an amount equal to any accrued and unpaid interest on the Notes on the Settlement Date (as defined below) in accordance with the terms and conditions of the Notes.SettlementSettlement of the Tender Offer is expected to occur with settlement T+2 business days from the expiration date of the Tender Offer, being 6 December 2023 (“Settlement Date”)."
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Íslandsbanki hf.: Íslandsbanki announces pricing and results of tender offer regarding outstanding SEK and NOK notes
04 DECEMBER 2023
Full announcement including disclaimers and offer restrictions available via islandsbank hf
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"Reference is made to an announcement made by Íslandsbanki hf. (the “Issuer” or “Islandsbanki”) 30 November 2023 regarding an invitation to holders of certain of the Issuer’s outstanding SEK and NOK senior notes maturing in 2024 and outlined below (the “Notes”) to tender any and all of the Notes for purchase by the Issuer for cash (the “Tender Offer”) and an announcement made 1 December 2023 whereby Íslandsbanki announced updated pricing of certain notes in the Tender Offer. The Tender Offer was made on the terms and subject to the conditions contained in the Tender Information Document dated 1 December 2023.
Results and Pricing
The Tender Offer expired at 12:00pm CET on 4 December 2023.
The Issuer will accept all valid tender instructions pursuant to the Tender Offer.
The Results and Pricing of the Tender Offer are set out in the table below:
Description of the Notes / ISIN / Purchase Spread / Purchase Price / Amount Accepted
SEK 250,000,000 FRN due March 2024 / XS2325364110 / DM + 110bps / 99.928% / 130,000,000
SEK 200,000,000 FRN due July 2024 / XS2361673218 / DM + 130bps / 99.709% / 84,000,000
SEK 800,000,000 FRN due November 2024 / XS2557201394 / DM + 140bps / 102.692% / 267,000,000
NOK 400,000,000 FIXED due January 2024 / NO0010842396 / MS + 30bps / 99.823% / 264,000,000
NOK 150,000,000 FRN due March 2024 / NO0010964836 / DM + 110bps / N/A / N/A
NOK 475,000,000 FRN due July 2024 / NO0011042269 / DM + 130bps / 99.731% / 325,000,000
The Issuer will also pay an amount equal to any accrued and unpaid interest on the Notes on the Settlement Date (as defined below) in accordance with the terms and conditions of the Notes. Settlement Settlement of the Tender Offer is expected to occur with settlement T+2 business days from the expiration date of the Tender Offer, being 6 December 2023 (“Settlement Date”)."
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Islandsbanki announces tender offer regarding outstanding SEK and NOK notes due 2024
30 NOVMEBER 2023
Full announcement including disclaimers and offer restrictions available via islandsbank hf
"Islandsbanki hf. (the “Issuer” or “Islandsbanki”) is offering holders (the “Holders”) of certain of the Issuer’s outstanding SEK senior unsecured floating rate notes and the NOK senior unsecured fixed and floating rate notes outlined below (the “Notes”) to tender any and all of the Notes for purchase by the Issuer for cash (the “Tender Offer”) at the terms set out below. The Issuer has appointed Skandinaviska Enskilda Banken AB (publ) (“SEB”) to act as dealer manager (the “Dealer Manager”) in connection with the Tender Offer.
Purchase Spread
Subject to the applicable minimum denomination in respect of the Notes, the Issuer offers to purchase any and all of the Notes at the purchase spreads set out below (the “Purchase Spread”).
Description of the Notes / ISIN / Minimum Denomination / Purchase Spread
SEK 250,000,000 FRN due March 2024 / XS2325364110 / SEK 2,000,000 / DM + 120bps
SEK 200,000,000 FRN due July 2024 / XS2361673218 / SEK 2,000,000 / DM + 130bps
SEK 800,000,000 FRN due November 2024 / XS2557201394 / SEK 2,000,000 / DM + 140bps
NOK 400,000,000 FIXED due January 2024 / NO0010842396 / NOK 1,000,000 / MS + 30bps
NOK 150,000,000 FRN due March 2024 / NO0010964836 / NOK 2,000,000 / DM + 110bps
NOK 475,000,000 FRN due July 2024 / NO0011042269 / NOK 2,000,000 / DM + 150bps
The Issuer will also pay an amount equal to any accrued and unpaid interest on the Notes on the Settlement Date (as defined below) in accordance with the terms and conditions of the Notes"
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****PREVIOUS OFFER BELOW****
Íslandsbanki hf. announces results of its Tender Offer for its €300,000,000 0.500 per cent. Notes due 20 November 2023
17 MAY 2023
Full announcement including disclaimers and offer restrictions available via nasdaq
"17 May 2023. Íslandsbanki hf. (the Offeror) announces today the results of its invitation to holders of its outstanding €300,000,000 0.500 per cent. Notes due 20 November 2023 (the Notes) to tender their Notes for purchase by the Offeror for cash (such invitation the Offer).
The Offer was announced on 9 May 2023 and was 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. 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. (CEST) on 16 May 2023. As at the Expiration Deadline, the Offeror had received valid tenders of €220,417,000 in aggregate nominal amount of the Notes for purchase pursuant to the Offer.
The Offeror announces that it has decided to accept for purchase all Notes validly tendered pursuant to the Offer. The Offeror will pay a Purchase Price for those Notes accepted for purchase pursuant to the Offer equal to 98.75 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:"
"Settlement of the purchase of the relevant Notes pursuant to the Offer is expected to take place on 22 May 2023, after which €79,583,000 in aggregate nominal amount of the Notes will remain outstanding."
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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