Hoist tenders for €100 million of 3.125% notes due 2019 via Nordea

By Susanna Moon

Chicago, Sept. 15 – Nordea Bank AB (publ) said it has begun a tender offer for up to €100 million of the €300 million 3.125% notes due 2019 issued by Hoist Kredit AB (publ).

The cash purchase price will be 106.603% of par plus accrued interest.

The tender offer will end at 11 a.m. ET on Sept. 22.

The tender is being held as part of the company's commitment to actively manage its balance sheet and “to manage its upcoming redemptions and to lengthen and diversify its debt maturity profile,” according to the announcement.

The offer contains a new issue condition.

Hoist Kredit plans to price a series of new euro-denominated fixed-rate notes on Sept. 26 under its €1 billion euro medium term note program, with settlement following on Oct. 3.

Noteholders who subscribe for new notes in addition to tendering in the offer will receive priority in the allocation of the new issue, the release noted.

Tender instructions must be submitted for a minimum amount of at least €100,000 and in integrals of €1,000 after that.

Settlement is expected to occur on Oct. 2.

Nordea Bank AB (publ) (+45 61 61 29 96 or NordeaLiabilityManagement@nordea.com) is the dealer manager. Citibank, NA (+44 20 7508 3867, fax +44 20 3320 2405 or Citiexchanges@citi.com) is the tender agent.

Hoist Kredit offers services for the acquisition and management of non-performing unsecured consumer loans. Parent company Hoist Finance is based in Stockholm.

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