Luminor Bank gives tender offer results for two series of 2024 notes

By William Gullotti

Buffalo, N.Y., June 7 – Luminor Bank AS released the results of the cash tender offer to purchase outstanding €300 million fixed-to-floating rate notes due August 2024 (ISIN: XS2523337389) and €300 million fixed-to-floating rate notes due December 2024 (ISIN: XS2265801238).

As previously reported, the company offered to purchase the August 2024 notes at 99.75 and the December 2024 notes at 96.75.

As of the offer expiration on June 7, noteholders tendered €154,792,000 of the August 2024 notes and €82,995,000 of the December 2024 notes.

Luminor accepted all tendered notes for purchase, without proration, and will immediately cancel the notes upon settlement, which will be June 8.

After settlement, €145,208,000 of the August 2024 and €217,005,000 of the December 2024 will remain outstanding.

The dealer managers are Commerzbank AG (+49 69 136 87551; FK-CMBondsSyndicate@commerzbank.com), DNB Bank ASA (+46 733 01 11 20; liability.management@dnb.no) and J.P. Morgan SE (+44 20 7134 2468; liability_management_EMEA@jpmorgan.com).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; luminor@is.kroll.com; https://deals.is.kroll.com/luminor).

As previously reported, the August 2024 notes have an optional redemption date on Aug. 29 and a current coupon of 5%. The December 2024 notes have an optional redemption date on Dec. 3, 2023 and a current coupon of 0.792%.

The bank is based in Tallinn, Estonia, with branches in Latvia and Lithuania.

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