Landsbankinn accepts 75.68% of tenders in capped offer for 3% notes

By Susanna Moon

Chicago, Nov. 27 – Landsbankinn hf. said investors had tendered €199.62 million principal amount of its €300 million 3% notes due 2018 in the offer that ended at 11 a.m. ET on Nov. 24.

Landsbankinn accepted for purchase €150 million of the notes using a proration factor of 0.75677, according to a company update on Monday.

The purchase price was set at 102.846, using purchase yield of negative 0.2%.

As announced Nov. 20, the issuer was tendering for up to €150 million principal amount of the notes with a purchase price to be set assuming a settlement date of Nov. 29.

After settlement, there will be €150 million of the notes left outstanding.

The company previously said it plans to issue euro-denominated fixed-rate senior notes with an expected maturity date in May 2023.

The tender was contingent on closing of the new issue.

The dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Deutsche Bank AG, London Branch (+44 20 7545 8011). The tender agent is Citibank, NA, London Branch (+44 20 7508 3867 or citiexchanges@citi.com).

Reykjavik, Iceland-based Landsbankinn provides personal and corporate banking and financial market solutions.

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