Nordax Bank AB (publ) announces results of tender offer
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Nordax Bank AB (publ) (the "Issuer") announces the results of its invitation to holders of its outstanding senior unsecured floating rate bonds outlined below (the "Bonds") to tender their Bonds for purchase by the Issuer for cash (the “Tender Offer”) subject to the terms and conditions described in the tender information document dated 26 May 2023 ("Tender Information Document"). Capitalised terms used and not otherwise defined in this announcement have the meanings given in the Tender Information Document.
At the time of expiration of the Tender Offer at 15:00 CEST on 31 May 2023, the Issuer had received valid tenders of SEK 354,000,000 & NOK 498,000,000 in aggregate nominal amount pursuant to the Tender Offer. The Issuer has determined that valid tenders of Bonds shall be accepted as set out below. The Transaction Cap is therefore raised to NOK 696,596,844.
| Description of the Bonds | ISIN | Nominal amount tendered | Nominal amount accepted for purchase | Purchase Price | Scaling Factor |
| SEK 600,000,000 FRN due December 2023 | NO0010871296 | SEK 354,000,000 | SEK 266,000,000 | 100.000% | 76.00% |
| NOK 1,200,000,000 FRN due December 2023 | NO0010871155 | NOK 298,000,000 | NOK 224,000,000 | 100.000% | 76.00% |
| NOK 1,850,000,000 FRN due May 2024 | NO0011142572 | NOK 200,000,000 | NOK 200,000,000 | 99.000% | N/A |
The Issuer will also pay accrued and unpaid interest from, and including, the previous interest payment date until, but excluding, the settlement date. The settlement date for the Tender Offer will occur on 7 June 2023.
Settlement of the transactions pursuant to the Tender Offer will occur as a secondary trade via Nordea Bank Abp. All tendering holders should coordinate the trade bookings with their local sales representative immediately. Bonds tendered and accepted by the Issuer for purchase pursuant to the Tender Offer will remain outstanding on the Issuer’s balance sheet.
Dealer Manager:
Nordea Bank Abp: +45 6136 0379 / nordealiabilitymanagement@nordea.com
For further information, please contact:
Arash Bigloo, Head of Treasury, Nordax Bank AB (publ)
+46 738 66 06 62
Mats Benserud, Head of Investor Relations, Nordax Bank AB (publ)
+47 958 91 539
About Nordax
Nordax Bank is a leading specialist bank in Northern Europe with strong owners in the form of Nordic Capital Fund IX, Nordic Capital Fund VIII and Sampo. We currently have around 2 million private customers, of which just under 1.2 million are credit card customers, in the Nordic countries, Spain, Germany and the Netherlands. We are a specialist bank that through responsible lending helps people make informed decisions for a life they can afford. We are a flexible complement to the major banks. Instead of quantity, we have specialised in a few selected products that we know best: personal loans, mortgages, equity release mortgages, credit cards and savings accounts. In November 2021, Nordax Bank acquired Bank Norwegian ASA, which brought not only a large number of customers to the Group but also complementary strengths in product expertise, digital distribution and geographical presence. Since 2019, Svensk Hypotekspension, which is a specialist in equity release products, is a wholly owned subsidiary of Nordax Bank. The Group has just over 600 employees, with offices in Stockholm, Malmö, Gothenburg and Fornebu, Oslo. The credit assessment process is one of Nordax Bank’s core competences. It is thorough, sound and data driven. Nordax Bank’s customers are financially stable. As at 31 March 2023, lending to the public amounted to SEK 93.7 billion and deposits to SEK 80.1 billion.
Read more about Nordax at http://www.nordaxgroup.com
This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.