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Jyske Bank A/S - Tender Offer (XS) - Launch

JYSKE BANK A/S announces Cash Tender Offer for its outstanding €300,000,000 Subordinated Fixed Rate Resettable Tier 2 Notes due 2029 - XS1592283391

22 JANUARY 2024


Full announcement including disclaimers and offer restrictions available via Globenewswire


22 January 2024. Jyske Bank A/S (the Offeror) announces today an invitation to eligible holders of its outstanding €300,000,000 Subordinated Fixed Rate Resettable Tier 2 Notes due 2029 (ISIN:XS1592283391) (the Notes) to tender any and all of such Notes for purchase by the Offeror for cash, subject to the satisfaction (or waiver by the Offeror) of the New Financing Condition (as defined below) (such invitation, the Offer).

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"Summary of the Offer


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




Rationale for the Offer


The purpose of the Offer is to proactively manage the refinancing of the Notes in conjunction with the issue of the New Notes (as defined below) for the purposes of the Offeror managing its capital position. The Offer intends to also provide Holders with the concurrent opportunity to sell their current holdings in the Notes ahead of the optional call date falling on 5 April 2024 and to subscribe for the proposed New Notes.


Notes repurchased by the Offeror pursuant to the Offer will be cancelled following the Settlement Date and the obligations of the Offeror in respect of any such Notes shall be discharged.


Pursuant to Condition 7(d) (Redemption at the Option of the Issuer) of the terms and conditions of the Notes, the Offeror currently intends, subject to the successful completion of the issue of the New Notes and to market conditions at the relevant time, to redeem any Notes outstanding after the Offer on the optional redemption date set forth in the final terms relating to the Notes (5 April 2024). The Offeror may, in its sole discretion, elect to not proceed with the optional redemption of any outstanding Notes, and for the avoidance of doubt, the Offeror has 2 no intention to proceed with the optional redemption of any outstanding Notes unless the New Notes issuance is effective. 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 terms and conditions of the Notes. This statement of intention is not a formal notice of redemption to the Noteholders pursuant to the terms and conditions of the Notes."


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