Kvika Banki hf. Launches Tender Offer for SEK and NOK Notes
Kvika Banki hf. Initiates Tender Offer for Outstanding Notes
Kvika Banki hf. is excited to inform its investors about an opportunity to participate in a tender offer targeting certain outstanding SEK and NOK denominated Notes. The total nominal amount available for repurchase is set at an impressive 750 million. This initiative is not only a strategic move for the bank but also a chance for noteholders to capitalize on favorable purchase prices, including accrued interest.
Details of the Tender Offer
The tender offer allows holders of the 2023/2026 senior unsecured notes to engage in an interest-driven opportunity. The tender involves two categories of notes:
Notes Overview
The first category is the SEK Notes, identifiable by the ISIN XS2620969043, with a total outstanding amount of SEK 566,000,000 and a minimum denomination of SEK 1,000,000. These Notes will be repurchased at a purchase price of 102.150%. The second category, the NOK Notes, under ISIN XS2620969639, has an outstanding amount of NOK 750,000,000 and follows the same minimum denomination of NOK 1,000,000 with the same attractive purchase price.
Important Dates
The Tender Offer is set to expire at 12:00 CEST on a specified date, with a possibility of extensions or modifications at the Issuer’s discretion. Moreover, the settlement of this offer is anticipated to take place shortly thereafter. As a part of the bank's commitment to managing its financial obligations effectively, the move aims to ensure smooth upcoming redemptions, creating a better financial standing for future operations.
Management and Contact Information
Kvika has enlisted Nordea Bank Abp to act as the dealer manager for this tender offer. Investors wishing to clarify any details about this process are encouraged to reach out to Halldór Karl Högnason, the Head of Treasury. His expertise and leadership ensure that the transaction is conducted transparently and efficiently. For direct inquiries, Halldór can be contacted via email.
Conclusion
This tender offer by Kvika Banki hf. represents a proactive step in managing financial commitments, providing investors with an attractive opportunity to sell their Notes. As the bank continues to foster strong relationships with its investors, initiatives like this ensure that stakeholders are engaged and able to make informed decisions about their investments.
Frequently Asked Questions
What is the purpose of the tender offer?
The tender offer aims to repurchase outstanding SEK and NOK Notes to manage the bank’s balance sheet effectively and prepare for upcoming redemptions.
What are the benefits for noteholders?
Noteholders can sell their notes for a higher purchase price, alongside receiving accrued and unpaid interest.
Who is managing this tender offer?
Kvika has appointed Nordea Bank Abp as the dealer manager for conducting the tender offer.
Where can I find the terms and conditions?
The complete terms and conditions of the tender offer are detailed in the Tender Information Document available from the issuer.
How do I contact Kvika for further inquiries?
For inquiries, you can reach Halldór Karl Högnason, Head of Treasury via email.
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