Nord/LB conducts five-part consent solicitation for floaters

Chicago, March 11 – Norddeutsche Landesbank-Girozentrale is conducting a consent solicitation for five subordinated notes, according to a document.

The solicitation covers the following instruments:

• €85 million of outstanding subordinated floating-rate notes issued by Nord L/B due January 2030 (ISIN: XS0105720964) with a floating rate of six-month Euribor plus 36 basis points;

• €200 million of outstanding subordinated floating-rate instruments issued by Bremer Landesbank Kreditanstalt Oldenburg Girozentrale due June 2030 (ISIN: XS0113243397) with a floating rate of six-month Euribor plus 37.5 bps;

• €62 million of outstanding subordinated floating-rate notes issued by Nord L/B due October 2030 (ISIN: XS0119421211) with a floating rate based on six-month Euribor plus 35 bps;

• €85 million of outstanding subordinated floating-rate instruments issued by Bremer due March 2031 (ISIN: XS0126529337) with a floating rate based on six-month Euribor plus 35 bps; and

• €65 million of outstanding subordinated floating-rate instruments issued by Bremer due April 2041 (ISIN: XS0127597036) with a floating rate based on six-month Euribor plus 38 bps.

The amendments cover a new condition relating to the recognition by holders of the instruments of the resolution powers of a certain authority and a customer condition clarifying that any early redemption will only be permitted with permission of the competent authority. The amendments will allow the instruments to maintain eligibility as tier 2 capital.

A consent fee of €5 per €1,000 instrument is being offered to noteholders who vote in favor of the amendments by the expiration deadline.

The solicitation started March 6.

The expiration deadline is 11 a.m. ET on April 5.

Meetings are scheduled to start at 7 a.m. ET on April 9. The meetings will need a quorum of noteholders, or the meetings will be adjourned.

The supplemental agency agreements are expected to be delivered around April 10.

Payment of the consent fee is expected within five business days of the relevant meeting.

UBS AG, London Branch is the structuring adviser and solicitation agent (+44 0 20 7568 1121, ol-liabilitymanagement-eu@ubs.com).

D.F. King & Co., Inc. is the information and tabulation agent for the offer (+44 20 7920 9700, Nordlict@dfkingltd.com, https://www.dfkingltd.com/nordlicht)

The commercial bank is based in Hanover, Germany.

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