Arion Bank starts any-and-all tender offer for 0.625% notes due 2024

By Marisa Wong

Los Angeles, May 15 – Arion Bank hf is inviting holders of its €300 million 0.625% notes due 2024 (ISIN: XS2262798494) to tender any and all of their notes for purchase for cash, according to a notice.

Pricing will be determined using the interpolated mid-swap rate and purchase spread of 75 basis points.

The company will also pay accrued interest.

The tender offer is subject to a new financing condition. The issuer announced plans to issue new euro-denominated fixed-rate notes.

Holders who wish to subscribe for the new notes in addition to tendering their existing notes may receive priority in allocation of the new notes.

Tender instructions are due by 11 a.m. ET on May 22.

Pricing will be set at or around 6 a.m. ET on May 23. Results will be announced soon after the pricing time.

Settlement is expected to occur on May 25.

Barclays Bank Ireland plc (eu.lm@barclays.com), Deutsche Bank AG (+44 20 7545 8011) and UBS Europe SE (ol-liabilitymanagement-eu@ubs.com; +44 20 7568 1121) are dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Harry Ringrose; arionbank@is.kroll.com; https://deals.is.kroll.com/arionbank) is the tender agent.

Arion is a Reykjavik, Iceland-based bank.

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