Alm. Brand A/S Concludes Successful Tier 2 Capital Notes Offer
Alm. Brand A/S Concludes Tender Offer for DKK Tier 2 Capital Notes
Alm. Brand A/S, a prominent player in the financial industry, recently wrapped up a significant tender offer focusing on its outstanding DKK 1,300,000,000 Tier 2 Capital Notes. This tender offer, which was introduced not too long ago, showcased the company's proactive approach to managing its capital structure. The target was to purchase up to DKK 400 million of these capital notes at a purchase price of 100.450%, complemented by any accrued and unpaid interest.
Key Details of the Tender Offer
The tender offer officially closed with a deadline set for noon CEST. By the time the deadline arrived, the response from investors was robust, as DKK 484 million in notes were validly tendered. This clear interest highlights the confidence investors have in Alm. Brand’s financial stability and the overall market sentiment towards the company’s instruments.
Acceptance of Tender Offers
Out of the total tenders, Alm. Brand A/S accepted DKK 400 million worth of notes for purchase. This decision reflects the company’s strategy, which includes a pro-rata scaling factor of 82.5%, ensuring fair and equitable treatment for those who participated in the tender offer. Consequently, after the completion of this process, the remaining outstanding amount of Tier 2 Notes is now DKK 900 million.
Settlement and Future Perspectives
Looking ahead, Alm. Brand anticipates that the settlement of this tender offer will take place shortly, providing clarity for both investors and the company. The expected date for settling this noteworthy transaction is just around the corner, promising to enhance the liquidity in the company’s capital structure.
Role of the Dealer Manager
To facilitate this tender offer, Alm. Brand appointed Nordea Bank Abp as the dealer manager, reinforcing its commitment to executing the offer with professionalism and strategic oversight. With effective collaboration, both Alm. Brand and Nordea aim to satisfy stakeholder expectations and maintain trust in their financial dealings.
Engagement with Investors
Alm. Brand understands the importance of clear communication with its investors and analysts. The Head of Investor Relations & ESG, Mads Thinggaard, is readily available for any inquiries, providing dedicated support to investors keen on understanding the developments surrounding the tender offer and other corporate actions. Mads can be reached directly via mobile, emphasizing the company’s commitment to transparency.
Frequently Asked Questions
What was the total amount of notes bought back by Alm. Brand?
Alm. Brand A/S accepted DKK 400 million of the notes in its tender offer.
Who acted as the dealer manager for this tender offer?
Nordea Bank Abp served as the dealer manager for Alm. Brand's tender offer.
What is the expected settlement date for the tender offer?
The settlement of the tender offer is expected to occur shortly, specifically on the 22nd of September.
How much in total notes were tendered?
Investors tendered DKK 484 million in total, highlighting strong demand.
What is the remaining outstanding nominal amount of notes?
After the tender offer, the remaining outstanding nominal amount is DKK 900 million.
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