Landsbankinn tenders for up to €300 million of 1.625% notes due 2021

By Sarah Lizee

Olympia, Wash., Feb. 11 – Landsbankinn hf. launched a tender offer for up to €300 million of its €500 million 1.625% notes due 2021 (ISIN: XS1490640288), according to an announcement.

The offer will expire at 11 a.m. ET on Feb. 18.

Pricing will be set using a purchase yield of negative 0.2%. The purchase price is expected to be 101.944, assuming a settlement date of Feb. 21.

Tendered notes accepted for purchase may be subject to proration.

Holders will also receive accrued interest.

The offeror also plans to issue euro-denominated senior fixed-rate notes with an expected maturity date in May 2024. The tender offer is conditioned on successful completion of the new issue other financing.

When considering any potential allocation of new notes, the offeror intends to give preference to those investors who, prior to allocation, have tendered or have indicated their intention to tender, existing notes.

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

The dealer managers are Barclays Bank plc (+44 20 3134 8515, eu.lm@barclays.com), J.P. Morgan Securities plc (+44 207 134 2468, liability_management_EMEA@jpmorgan.com) and Merrill Lynch International (+44 20 7996 5420, DG.LM-EMEA@bofa.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, landsbankinn@lucid-is.com).

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

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