KommuneKredit holds two-day switch and tender for three note series

By Susanna Moon

Chicago, Jan. 2 – KommuneKredit said it is tendering for its $515 million of floating-rate notes due February 2018, $1.25 billion of 1.125% notes due March 2018 and $1 billion of 1.25% notes due August 2018.

The submission period ends Jan. 3 and settlement will follow on Jan. 5.

The purchase price for each $1,000 principal amount is $1,000.50 for the floaters, $1,000 for the 1.125% notes and $997.50 for the 1.25% notes plus accrued interest.

The tender will be funded using proceeds of a new issue and the maximum purchase amount in the offer will be determined by the issuer, according to an announcement.

The offer contains a new notes condition.

Kommunekredit said it plans to issue $1 billion of new notes due Jan. 8, 2021 with settlement on Jan. 10.

The joint dealer managers for the tender are are Bank of Montreal, London Branch (+44 20 7664 8062 or BMODebt.IssuanceTMG@bmo.com), BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Daiwa Capital Markets Europe Ltd. (+44 20 7597 8000 or legalnoticesTM@uk.daiwacm.com) and J.P. Morgan Securities plc (+44 20 7134 2468 or emea_lm@jpmorgan.com). BNP Paribas is the billing and delivery bank.

KommuneKredit offers funding and leasing services to municipalities and is based in Copenhagen.

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