Kommunal Landspensjonskasse KLP ANNOUNCES INDICATIVE RESULTS OF TENDER OFFER (3626R)
June 29 2020 - 4:39AM
UK Regulatory
TIDM41CO
RNS Number : 3626R
Kommunal Landspensjonskasse
29 June 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO
ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS
TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN
ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA
ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF
COLUMBIA) (the "United States") OR TO ANY U.S. PERSON ( as defined
in the Tender Offer Memorandum (as defined below) ) OR IN OR INTO
ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT .
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014 ("MAR").
FOR THE PURPOSES OF MAR AND ARTICLE 2 OF COMMISSION IMPLEMENTING
REGULATION (EU) 2016/1055, THIS ANNOUNCEMENT IS MADE BY OLIVER
SIEM, DIRECTOR OF KOMMUNAL LANDSPENSJONSKASSE GJENSIDIG
FORSIKRINGSSELSKAP.
29 June 2020
KOMMUNAL LANDSPENSJONSKASSE GJENSIDIG FORSIKRINGSSELSKAP
ANNOUNCES INDICATIVE RESULTS OF TENDER OFFER
On 19 June 2020, Kommunal Landspensjonskasse Gjensidig
Forsikringsselskap (the "Issuer") launched its invitation to
holders of its EUR 600,000,000 Fixed/Floating Rate Dated
Subordinated Notes due 2045 (the "Notes") to tender such Notes for
purchase by the Issuer for cash up to a maximum aggregate principal
amount of EUR 450,000,000 (such invitation, the "Offer"). The Offer
was made on the terms and subject to the conditions contained in
the tender offer memorandum dated 19 June 2020 (the "Tender Offer
Memorandum") and is subject to the offer restrictions described in
the Tender Offer Memorandum. Capitalised terms used and not
otherwise defined in this announcement have the meanings given to
them in the Tender Offer Memorandum.
The Issuer today announces the non-binding indicative acceptance
and results of the Offer. Based on information provided by the
Tender Agent with respect to valid Tender Instructions received
(and not validly withdrawn) as at the Expiration Deadline, the
following table sets out a non-binding indication of the basis on
which the Issuer currently expects to accept in full all valid
tenders of Notes in the Offer:
Aggregate
Aggregate Principal Aggregate
Principal Amount of Notes Principal
Amount of that the Issuer Amount
Description of First Call Purchase Notes validly intends to Remaining
Notes ISIN Date Spread tendered purchase Outstanding
---------------- -------------- -------------- -------------- ---------------- ---------------- ----------------
EUR 600,000,000
Fixed/Floating
Rate Dated
Subordinated
Notes due 2045 XS1217882171 10 June 2025 210 bps EUR 306,012,000 EUR 306,012,000 EUR 293,988,000
The Offer remains subject to the conditions and restrictions set
out in the Tender Offer Memorandum. Pricing is expected to take
place at or around 13.00 hours, CEST today (the "Pricing Time") and
the expected Settlement Date is 2 July 2020. As soon as reasonably
practicable after the Pricing Time, the Issuer will announce
whether it will accept for purchase Notes validly tendered in the
Offer and, if so, the final pricing details of the Offer.
All Notes repurchased pursuant to the Offer will be
cancelled.
Full details concerning the Offer are set out in the Tender
Offer Memorandum.
Citigroup Global Markets Limited (Telephone: +44 20 7986 8969;
Email: liabilitymanagement.europe@citi.com; Attention: Liability
Management Group), Danske Bank A/S (Telephone: +45 33 64 88 51;
Email: liabilitymanagement@danskebank.dk; Attention: 3775 Debt
Capital Markets) and J.P. Morgan Securities plc (Telephone: +44 20
7134 2468; Email: liability_management_EMEA@jpmorgan.com;
Attention: Liability Management) are acting as Dealer Managers and
Lucid Issuer Services Limited (Telephone: +44 20 7704 0880; Email:
klp@lucid-is.com; Attention: Arlind Bytyqi) is acting as Tender
Agent.
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire or
sell any securities is being made pursuant to this announcement.
The Dealer Managers do not take responsibility for the contents of
this announcement and/or the Tender Offer Memorandum. The
distribution of this announcement and the Tender Offer Memorandum
in certain jurisdictions may be restricted by law. Persons into
whose possession this announcement and/or the Tender Offer
Memorandum come into are required by each of the Issuer, the Dealer
Managers and the Tender Agent to inform themselves about, and to
observe, any such restrictions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
RTEFZGZVRLNGGZG
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