Gothenburg noteholders tender SEK 1.19 billion in Nordea Bank’s offer

By Angela McDaniels

Tacoma, Wash., Sept. 6 – Nordea Bank Danmark A/S received tenders for SEK 1,192,000,000 of notes issued by the City of Gothenburg, Sweden, and accepted all of the tendered notes for purchase, according to a bank filing with the London Stock Exchange.

The offer began Sept. 2 and ended at 5:30 a.m. ET on Sept. 6.

The bank offered the following purchase prices for the notes:

• 100.108 for the city’s SEK 50 million floating-rate notes due Nov. 16, 2016;

• 100.130 for the SEK 1,393,000,000 floating-rate notes due Dec. 5, 2016;

• 100.499 for the SEK 125 million 1.63% notes due Dec. 5, 2016; and

• 100.382 for the SEK 500 million floating-rate notes due Aug. 12, 2017.

Holders also will receive accrued interest up to but excluding the settlement date, Sept. 13.

The city will fund the tender offer with the proceeds of new Swedish kroner-denominated fixed- and floating-rate notes issued under its €6 billion euro medium-term notes program, subject to market conditions.

The tender offer is contingent on the city generating enough proceeds to fund it.

The tender offer is being made to proactively manage the issuer’s upcoming redemptions and to lengthen and diversify its debt maturity profile.

In addition to acting as offeror, Nordea Bank (+45 6161 2996 or nordealiabilitymanagement@nordea.com) is a dealer manager. Also acting as dealer manager is Svenska Handelsbanken AB (publ) (+46 8 463 46 09 or tendermanagement@handelsbanken.se).

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