KommuneKredit plans switch, tender for $2.25 billion of 1.125% notes

By Susanna Moon

Chicago, Nov. 8 – KommuneKredit plans to tender for its $1 billion 1.125% notes due Jan. 16, 2018 and $1.25 billion 1.125% notes due March 15, 2018 on Thursday.

For preferred offers, the one-day tender on Thursday will end at closing of the bookbuilding for the issuer’s new notes and, for non-preferred offers, sometime after that, according to an announcement.

The purchase price will be par for each $1,000 principal amount plus accrued interest to but excluding the settlement date of Nov. 13.

To participate, the preferred and non-preferred offers must be for at least $1,000 and in integrals of $1,000 after that.

The issuer may give priority to holders who place firm orders for new notes, according to a company announcement.

Offers also may be prorated with priority given to preferred offers.

The joint lead managers and dealer managers are HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com), Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com), Nomura International plc (+44 20 7103 6597 e-mail: liability.management@nomura.com) and Toronto-Dominion Bank (+44 20 7628 2262 or tmg@tdsecurities.com).

KommuneKredit said it plans to price new dollar-denominated fixed-rate notes due 2022.

KommuneKredit offers funding and leasing services to municipalities and is based in Copenhagen.

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