Danske Bank offers to exchange €1.25 billion 1.375% notes due 2022

By Sarah Lizee

Olympia, Wash., June 12 – Danske Bank A/S is offering to exchange its €1.25 billion 1.375% non-preferred senior notes due May 24, 2022 (ISIN: XS1957541953) for at least €250 million of new 1.375% non-preferred senior notes due May 24, 2023, according to a London Stock Exchange notice.

The exchange consideration for each €1,000 of existing notes is €1,000 of new notes plus a €2.00 cash amount.

The new notes will bear interest at 1.375% until but excluding the optional redemption date of May 24, 2022. The interest rate will be reset to the one-year euro mid-swap rate plus 122 basis points.

Exchange instructions may only be submitted in respect of a minimum principal amount of existing notes of €100,000, being the minimum denomination of the existing notes, and may be submitted in integral multiples of €1,000 in excess thereof.

The exchange offer is conditional upon receiving valid offers to exchange that would result in the offeror issuing at least €250 million of new notes. The issuer may waive this condition.

No accrued interest will be paid on the existing notes in connection with the exchange offer.

Interest on the new notes will accrue from and including May 24.

The expiration time is 11 a.m. ET on June 19. Settlement is expected for June 24.

The information and exchange agent is D.F. King Ltd. (+44 20 7920 9700, danske@dfkingltd.com). The dealer managers are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), BofA Securities Europe SA (+44 20 7996 5420, DG.LM-EMEA@bofa.com), Danske Bank (+45 4514 3233, perje@danskebank.dk, broh@danskebank.dk) and J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com).

The bank is based in Copenhagen.

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