Danske Bank gets tenders for $908.47 million resettable notes due 2037

By Jennifer Chiou

New York, Oct. 2 - Danske Bank A/S announced that it took in tenders for $908,465,000 of its $1 billion of subordinated fixed-rate resettable notes due 2037 in the offer that is set to settle on Oct. 4.

The bank will pay 101.5% of par plus accrued interest for the notes.

As already reported, the offer is in response to Standard & Poor's Credit Market Services Europe Ltd.'s revised bank hybrid methodology, which means the notes will no longer be eligible for inclusion in the bank's risk-adjusted capital ratio.

The bank previously said it expects to exercise its right to call any notes that remain outstanding after settlement of the offer at the redemption price of par on Nov. 18.

The tender agent was Lucid Issuer Services Ltd. (David Shilson, danskebank@lucid-is.com).

The financial services company is based in Copenhagen. It launched the offer on Sept. 18.

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