Kommunal Landspensjonskasse KLP ANNOUNCES FINAL RESULTS OF TENDER OFFER (4001R)

TIDM41CO

RNS Number : 4001R

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 FINAL 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.

Further to the indicative results announcement made earlier today, the Issuer now announces that it will accept all validly tendered Notes pursuant to the Offer for purchase for cash in an aggregate principal amount of EUR 306,012,000.

The final results of the Offer are as follows:

 
                                   Final Aggregate   Final Aggregate                                           Aggregate 
                                      Principal         Principal       June 2025                              Principal 
                                   Amount of Notes   Amount of Notes   Interpolated                             Amount 
 Description of                        validly        accepted for       Mid-Swap     Purchase   Purchase      Remaining 
      Notes            ISIN           tendered          purchase           Rate        Yield      Price       Outstanding 
----------------  --------------  ----------------  ----------------  -------------  ---------  ---------  ---------------- 
 EUR 600,000,000 
  Fixed/Floating                                                                                   EUR 
    Rate Dated                                                                                   1,117.41 
   Subordinated                                                                                  per EUR 
  Notes due 2045   XS1217882171    EUR 306,012,000   EUR 306,012,000     -0.352%       1.748%     1,000     EUR 293,988,000

The Offer remains subject to the conditions and restrictions set out in the Tender Offer Memorandum and the expected Settlement Date is 2 July 2020.

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.

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June 29, 2020 07:46 ET (11:46 GMT)

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