Jyske Bank tenders for €300 million tier 2 notes due 2029

By Marisa Wong

Los Angeles, Jan. 22 – Jyske Bank A/S announced a cash tender offer for its outstanding €300 million subordinated fixed-rate resettable tier 2 notes due 2029 with an optional call date of April 5, 2024 (ISIN: XS1592283391).

Jyske is offering to purchase any and all of the notes at 99.675, plus accrued interest, according to a notice.

The tender offer is subject to a new financing condition. Jyske plans to issue new euro-denominated tier 2 subordinated fixed-rate resettable notes due 2035. Proceeds from the new issue would be used to finance the tender offer.

Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new notes.

Tenders are due by 11 a.m. ET on Jan. 29.

Results will be announced on Jan. 30.

Settlement is expected to be on Feb. 1.

The dealer manager for the tender offer is Goldman Sachs International (+44 20 7774 4836; liabilitymanagement.eu@gs.com).

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi / Alessandro Zorza; jyske@is.kroll.com; https://deals.is.kroll.com/jyske) is the tender agent.

The bank is based in Silkeborg, Denmark.

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