Kommunal Landspensjonskasse accepts tenders for €306.01 million notes

By Sarah Lizee

Olympia, Wash., June 29 – Kommunal Landspensjonskasse Gjensidig Forsikringsselskap announced the final results of its cash tender offer for up to €450 million of its €600 million fixed/floating-rate dated subordinated notes due 2045 (ISIN: XS1217882171), according to a London Stock Exchange notice.

The offer was launched on June 19.

The company said it received and will accept for purchase €306,012,000 of notes tendered under the offer.

Pricing was set at 7 a.m. ET on June 29 using the June 2025 interpolated mid-swap rate plus a purchase spread of 210 basis points for a total consideration of €1,117.41 per €1,000 of notes.

Following settlement, which is expected for July 2, €293,988,000 of the notes will remain outstanding.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Danske Bank A/S (+45 33 64 88 51 or liabilitymanagement@danskebank.dk) and J.P. Morgan Securities plc (+44 20 7134 2468 or liability_management_EMEA@jpmorgan.com) are acting as dealer managers, and Lucid Issuer Services Ltd. (+44 20 7704 0880 or klp@lucid-is.com) is acting as tender agent.

Kommunal Landspensjonskasse is an Oslo-based mutual insurance company.

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