Sampo starts any-and-all tender offer for one series, €500 million capped offer for three notes

Chicago, Aug. 31 – Sampo plc started both an any-and-all tender offer relating to one series of notes and a €500 million principal amount capped tender offer covering three notes on Wednesday, according to a press release.

The purpose of the tender offers is for Sampo to proactively manage its upcoming redemptions and reduce gross debt.

For the any-and-all offer, the company is offering to buy from the €500 million outstanding 1.625% notes due Feb. 21, 2028 (ISIN: XS1775786574) at a price that will be determined using the interpolated mid-swap rate without any fixed purchase spread. The first call date on the notes is Nov. 21, 2027.

For the €500 million capped offer, the company is offering to buy from the following notes listed by acceptance priority level:

€500 million outstanding 2.25% notes due Sept. 27, 2030 with a first par call date on June 27, 2030 (ISIN: XS1888184121) with pricing to be based on the 2030 notes interpolated mid-swap rate plus 20 bps;

• €269,904,000 outstanding 1.25% notes due May 30, 2025 with a first par call date on March 1, 2025 (ISIN: XS1622193750) with pricing to be based on the 2025 notes interpolated mid-swap rate plus 40 bps; and

• €428,686,000 outstanding 1% notes due Sept. 18, 2023 (ISIN: XS1520733301) for a consideration of 100.1.

The tender consideration will also include accrued interest.

Tenders may be prorated.

The offers expire at 11 a.m. ET on Sept. 8.

Indicative results will be released on Sept. 9. Pricing will take place at 8 a.m. ET on Sept. 9.

Settlement is expected for Sept. 12.

The dealer managers for the offer are Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and Nordea Bank Abp (+45 61360379, nordealiabilitymanagement@nordea.com).

Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, sampo@is.kroll.com).

Sampo is an insurance company based in Helsinki, Finland.

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