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Deutsche Bank begins tender offer for 1 billion notes from six series
By Marisa Wong
Los Angeles, April 28 Deutsche Bank AG announced invitations to holders of six series of notes to tender their notes for purchase for cash, up to a maximum aggregate principal amount of 1 billion, according to a notice.
Deutsche Bank is offering to purchase notes from the following series:
1.5 billion 1.125% notes due 2025 (ISIN: DE000DB7XJP9), 884 million of which is outstanding, with pricing based on the March 2025 notes interpolated reference rate and a purchase spread of 110 basis points;
1.5 billion callable fixed-to-floating rate notes due 2025 (ISIN: DE000DL19VR6) with a call date on Nov. 19, 2024, 1,419,600,000 of which is outstanding, with pricing based on the November 2025 notes interpolated reference rate and a purchase spread of 125 bps;
750 million 2.625% notes due 2026 (ISIN: DE000DL19US6), 684.2 million of which is outstanding, with pricing based on the February 2026 notes interpolated reference rate and a purchase spread of 150 bps;
750 million callable fixed-to-floating rate notes due 2026 (ISIN: DE000DL19VP0) with a call date on Sept. 3, 2025, 735 million of which is outstanding, with pricing based on the September 2026 notes interpolated reference rate and a purchase spread of 160 bps;
1.5 billion 1.625% notes due 2027 (ISIN: DE000DL19U23), 1,475,000,000 of which is outstanding, with pricing based on the January 2027 notes interpolated reference rate and a purchase spread of 195 bps; and
1.5 billion callable fixed-to-floating rate notes due 2027 (ISIN: DE000DL19VT2) with a call date on Feb. 17, 2026, 1,197,400,000 of which is outstanding, with pricing based on the February 2027 notes interpolated reference rate and a purchase spread of 165 bps.
The company will pay accrued interest in addition to the purchase price.
Tenders will be irrevocable except in limited circumstances.
Tenders may be subject to proration.
The offer will expire at 11 a.m. ET on May 9.
Indicative results will be announced on May 10.
Pricing will be determined at 8 a.m. ET on May 10. Final results and pricing will be announced soon after that.
Settlement is expected to occur on May 12.
The dealer manager is Deutsche Bank (+44 20 7545 8011), and the tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris / Jacek Kusion; db@is.kroll.com; https://deals.is.kroll.com/db).
The offers are designed to proactively manage Deutsche Banks debt maturity profile and to provide liquidity to current noteholders, according to the notice.
The investment bank and financial services company is based in Frankfurt.
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