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Kommunalkredit calls remaining perpetual notes following tender; extraordinary resolution adopted
By Jennifer Chiou
New York, Sept. 13 - KA Finanz AG and Kommunalkredit Capital I Ltd. announced the official adoption of an extraordinary resolution for Kommunalkredit's €80 million of perpetual non-cumulative subordinated fixed/floating-rate capital notes after investors previously tendered about 85% of the securities.
Thanks to the adoption of the resolution, the companies also sent out notice of the early redemption of the remaining notes at €200 for each €1,000 principal amount of notes on Sept. 16, the settlement date of the offer.
The offer expired at 6 a.m. ET on Sept. 7. It began on Aug. 3.
The meeting to pass the resolution took place on Monday. Noteholders who validly submitted ineligible noteholder instructions by the early tender date will receive the ineligible noteholder early submission amount of €50.00 per €1,000 principal amount of notes.
In the tender offer, holders will receive €250 for each €1,000 principal amount. The payment includes an early purchase premium of €20.00 for each note tendered by 9 a.m. ET on Sept. 3, the early tender deadline.
The companies solicited consents to amend the terms of the notes to allow Kommunalkredit to redeem the remaining notes at €200 for each €1,000 principal amount.
Noteholders who tendered were deemed to have given instructions to vote in favor of the changes at the meeting.
The tender offer was not made in the United States or Italy, and it was not made to the public in the United Kingdom, Belgium or France.
The dealer manager was BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com). The tender and consent agent was Deutsche Bank AG, London Branch (+44 20 7547 5000 or xchange.offer@db.com).
KA Finanz holds the securities and credit default swap portfolio remaining after the demerger of Kommunalkredit Austria AG and is in charge of its structured rundown. It is based in Vienna.
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