KommuneKredit sets one-day switch and tender for 2019, 2020 notes

By Marisa Wong

Morgantown, W.Va., March 11 – KommuneKredit is inviting holders of its outstanding $1 billion 1.125% notes due August 2019 and $1 billion 1.75% notes due January 2020 to tender their notes for cash, according to a company announcement.

The company is offering to purchase the notes at 99.39 for the 2019 notes and 99.36 for the 2020 notes.

Noteholders may begin submitting tenders on March 12.

The maximum purchase amount will be determined based on the amount of new notes KommuneKredit will issue. The company announced on Monday that it plans to offer dollar-denominated fixed-rate notes due 2022. Pricing is expected to take place Tuesday.

The switch and tender offer expires on March 12, when the bookbuilding process for the new notes closes. Settlement is slated for March 14.

Bank of Montreal, London Branch (+44 20 7664 8062, BMODebt.IssuanceTMG@bmo.com), HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com), RBC Europe Ltd. (+44 20 7029 0318, liability.management@rbccm.com) and Toronto-Dominion Bank (+44 20 7628 2262, tmg@tdsecurities.com) will act as dealer managers for the tender offer. RBC Europe will act as billing and delivery bank.

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.