Sampo accepts tenders for SEK 3.39 billion floaters due 2013

By Jennifer Chiou

New York, May 22 - Sampo plc said it has accepted tenders for SEK 3,391,000,000 of its SEK 4 billion floating-rate notes due 2013 in the offer that ended at 6 a.m. ET on May 22.

The offer price is 100.412 plus accrued interest.

Pricing for the offer was set at 9 a.m. ET on May 22 using a purchase spread of 18 basis points over the Stibor rate. The tender yield was 1.382%.

Settlement is anticipated for May 28.

As previously reported, the offer was made as part of the company's commitment to actively manage its balance sheet, and Sampo is seeking to lengthen and diversify its debt maturity profile.

Holders had to tender a minimum of SEK 1 million notes and in integral multiples of SEK 1 million after that.

The tender offer was conditioned on the completion of financing, and Sampo opted to issue SEK 2 billion of new two-year notes as well as SEK 2 billion of new five-year notes.

Nordea Bank Danmark A/S (45 33 33 16 75, attn: Nordea liability management, or email NordeaLiabilityManagement@nordea.com) was the dealer manager, and Lucid Issuer Services Ltd. (44 20 7704 0880, attn: Thomas Choquet/Sunjeeve Patel, or email sampo@lucid-is.com) was the tender agent.

Sampo is an insurance company based in Helsinki, Finland. It launched the offer on May 15.

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