Arion Bank gives tender offer results for 0.75%, 1.625% notes

Chicago, Nov. 25 – Arion Bank hf announced results from its tender offer for its €300 million 0.75% notes due 2020 and €500 million of 1.625% notes due 2021, according to a news release.

The bank was targeting a total acceptance amount of €200 million.

The bank received valid tenders of €258,258,000 for the 2020 notes and has decided to accept all offers.

Concurrently, the bank has decided not to accept any offers for the 2021 notes.

The 2020 notes had an acceptance priority over the 2021 notes.

The purchase price for the 2020 notes will be based on a fixed purchase yield of negative 30 basis points.

The offer expired at 11 a.m. ET on Nov. 22.

Settlement is expected on Nov. 27.

The bank said the purpose of the tender offer is to actively manage its balance sheet.

The dealer managers are Merrill Lynch International (+44 20 7996 5420 or DG.LM-EMEA@bofa.com) and NatWest Markets NV (+44 20 7678 5222 or liabilitymanagement@natwestmarkets.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or arionbank@lucid-is.com).

Arion is a Reykjavik, Iceland-based bank.

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