KommuneKredit to buy $255.49 million of notes in switch and tender

By Susanna Moon

Chicago, June 7 – KommuneKredit said it set the maximum purchase amount at $255,487,000 in the tender for its $1 billion of 1.25% notes due Aug. 27, 2018 and $1 billion of 1.5% notes due Jan. 15, 2019 via an issue of new notes.

KommuneKredit sold $1 billion of fixed-rate notes due 2021 on Wednesday, with settlement following on June 13 and proceeds to be used to fund the tender, according to an announcement.

For the 1.25% notes, the issuer accepted for purchase $64.5 million of preferred offers and no non-preferred offers. For the 1.5% notes, the company accepted for purchase $170.3 million of preferred offers and $20,687,000 of non-preferred offers.

As announced June 5, the purchase price for each $1,000 principal amount is $998.40 for the 1.25% notes and $995.00 for the 1.5% notes.

The submission period ran from June 5 until June 6 and settlement will follow on June 11.

The joint lead managers and dealer managers for the tender are Deutsche Bank AG, London Branch (+44 20 7547 6885), Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com), Scotiabank Europe plc (+44 20 7826 5932 or gtlondcm@scotiabank.com) and Toronto-Dominion Bank (+44 20 7628 2262 or TMG@tdsecurities.com).

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.