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Prospect News home > News index > List of issuers L > Headlines for Luminor Bank AS > News item
Published on 5/30/2023 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Luminor Bank launches capped tender offers for two 2024 notes

By Marisa Wong

Los Angeles, May 30 – Luminor Bank AS is inviting holders of its outstanding €300 million fixed-to-floating rate notes due August 2024 (ISIN: XS2523337389) and €300 million fixed-to-floating rate notes due December 2024 (ISIN: XS2265801238) to tender their notes for purchase for cash.

Luminor is offering to purchase the August 2024 notes at 99.75 and the December 2024 notes at 96.75.

The issuer is offering to purchase up to an aggregate principal amount of notes. The maximum acceptance amount will be announced after the company prices an offering of new notes.

The tender offers are conditioned on the new financing.

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

Tenders may be prorated.

Tender instructions are irrevocable except in limited circumstances.

The offers will expire at 11 a.m. ET on June 6.

Results will be announced on June 7.

Settlement will be on June 8.

The dealer managers are Commerzbank AG (+49 69 136 87551; FK-CMBondsSyndicate@commerzbank.com), DNB Bank ASA (+46 733 01 11 20; liability.management@dnb.no) and J.P. Morgan SE (+44 20 7134 2468; liability_management_EMEA@jpmorgan.com).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; luminor@is.kroll.com; https://deals.is.kroll.com/luminor).

The August 2024 notes have an optional redemption date on Aug. 29 and a current coupon of 5%. The December 2024 notes have an optional redemption date on Dec. 3, 2023 and a current coupon of 0.792%.

The bank is based in Tallinn, Estonia, with branches in Latvia and Lithuania.


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