KommuneKredit gets tenders for $659.42 million notes from three series

By Marisa Wong

Morgantown, W.Va., Jan. 3 – KommuneKredit announced it accepted tenders totaling $659.42 million 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.

Specifically, the issuer accepted for purchase $299 million of the floaters, $127.9 million of the 1.125% notes and $232.52 million of the 1.25% notes.

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. The issuer will also pay accrued interest of $2.30, $9.06 and $4.44, respectively.

All of the tendered notes were accepted without proration.

The submission period ended at Jan. 3, and settlement will follow on Jan. 5.

The offer was conditioned on the issuance of new notes, proceeds of which will be used to pay the maximum purchase amount.

On Wednesday, KommuneKredit said it priced $1 billion of 2.25% notes due Jan. 8, 2021. The new notes will be issued on Jan. 10.

The joint dealer managers for the tender 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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