DNA buys €150 million of 2.625%, 2.875% notes in tender via Nordea

By Susanna Moon

Chicago, March 21 – Nordea Bank AB said holders had tendered €79 million principal amount of DNA plc’s €100 million 2.625% notes due Nov. 28, 2018 and €138.22 million principal amount of its €150 million 2.875% notes due March 12, 2021.

Nordea will accept €60 million of the 2018 notes at a proration factor of 76% and €90 million of the 2021 notes using a proration factor of 64.735%, according to a company update on Wednesday.

As announced March 9, the bank was tendering for up to €150 million of the two series of notes on DNA’s behalf using proceeds of a series of new euro-denominated fixed-rate notes.

The purchase price will be 101.882 for the 2018 notes and 108.087 for the 2021 notes.

Holders also will receive accrued interest.

The tender offer ended at 9 a.m. ET on March 19.

Settlement is expected to occur March 26 and no later than April 3, subject to issuance of the new notes.

Holders who subscribed for new notes in addition to tendering in the offer were to receive priority in the allocation of the new notes, the company noted.

Proceeds of the new issue also may be used for general corporate purposes.

The tender was being made to extend the company’s average debt maturity profile and “to proactively manage upcoming debt redemptions,” the previous release said.

Nordea Bank AB (+45 6161 2996 or NordeaLiabilityManagement@nordea.com) is dealer manager, and Nordea Bank AB (publ), Finnish Branch is the tender agent.

DNA is a Helsinki, Finland-based telecommunications company.

© 2015 Prospect News.
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