Ikano Bank announces tender offer for outstanding notes
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE THE DISTRIBUTION OR PUBLICATION OF THIS PRESS RELEASE WOULD BE UNLAWFUL
Ikano Bank AB (publ) is offering holders of Ikano Bank’s outstanding notes, as outlined below, maturing on 20 November 2025 and 19 January 2027 respectively (the “Notes”), to tender their Notes for purchase by Ikano Bank for cash (the “Tender Offer”) at the purchase spreads set out below, plus accrued and unpaid interest. The Notes will be repurchased subject to the terms and conditions described in a tender information document dated 4 February 2025 (the “Tender Information Document”).
Description of the Notes / ISIN / Minimum Denomination / Purchase Spread
SEK 500,000,000 FRN due November 2025 / SE0013361219 / SEK 2,000,000 / DM+54 bps
SEK 600,000,000 FRN due January 2027 / SE0020356574 / SEK 2,000,000 / DM+73 bps
The full terms and conditions of the Tender Offer can be found in the Tender Information Document, which is available at ikanobank.se/om-banken/ekonomisk-information under the headline” Upplåningsprogram”.
The Tender Offer is being made as part of the changes to Ikano Bank’s funding structure following the ownership change in the bank, pursuant to which Ingka Group (through IFS Holding AB) became the new sole shareholder of Ikano Bank.
The Tender Offer expires at 12:00 CET on 7 February 2025, unless extended, re-opened, withdrawn or terminated at the sole discretion of the Ikano Bank. Settlement of the Tender Offer is expected to occur at or around 12 February 2025.
Ikano Bank has mandated Skandinaviska Enskilda Banken AB (publ) as dealer manager for the Tender Offer.
The Tender Offer is made simultaneously with an early redemption offer following the ownership change under which the holders are offered a redemption at a purchase price of 100% of the nominal value of the Notes.
Dealer Manager:
Skandinaviska Enskilda Banken AB (publ)
E-mail: liabilitymanagementdcm@seb.se
For more information
Katarina Erichs Emilson, Head of Communications, Ikano Bank
Email communication@ikano.se
This information is information that Ikano Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 4 February 2025, at 12.00 CET.
About Ikano Bank AB (publ)
Ikano Bank creates possibilities for better living by offering simple, fair, and affordable services, enabling a healthy economy for the many people and businesses. Its offer includes savings and loan products for consumers, sales support services for retailers, and leasing and factoring solutions for businesses. Ikano Bank operates in Sweden, Denmark, Finland, Norway, the UK, Poland, Germany and Austria, and is a part of Ingka Group. Ikano Bank’s head office is located in Malmö, Sweden and the company is registered in Älmhult, Sweden where the business was once founded.
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