Iceland begins tender offer for $1 billion of 5.875% notes due 2022

By Susanna Moon

Chicago, March 29 – The Republic of Iceland is tendering for its $1 billion of 5.875% notes due 2022 until 5 p.m. ET on April 4.

Pricing will be set at 10 a.m. ET on April 5 using the 1.875% U.S. Treasury note due Feb. 28, 2022 plus a fixed spread of 75 basis points.

Holders also will receive accrued interest to but excluding the settlement date of April 7.

Purchasing notes in the tender offer “is sound debt and liquidity management for the Republic of Iceland and provides liquidity to holders whose notes are accepted for purchase in the invitation,” according to an issuer announcement.

The dealer managers are Barclays (+44 20 3134 8515, 212 528-7581, 800 438-3242 or liability.management@barclays.com) or Citigroup Global Markets Ltd. (+44 20 7986 8969, 800 558-3745, 212 723-6106 or liabilitymanagement.europe@citi.com). The information and tender agent is Global Bondholder Services Corp. (212 430-3774 or 866 470-4300).

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