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HELSINKI - Sampo plc announced on Monday tender offers to repurchase its outstanding EUR 1 billion subordinated notes due 2052 and EUR 500 million subordinated notes due 2049, as part of a proactive debt management strategy.
The Finnish financial company said the tender offers aim to manage its expected redemption profile. The repurchase will be funded by proceeds from a planned issuance of new euro-denominated fixed rate reset perpetual restricted tier 1 notes.
According to the tender offer terms, Sampo will prioritize the purchase of the 2052 notes over the 2049 notes. The company will pay a purchase price for each series determined by reference to the relevant interpolated mid-swap rate plus a purchase spread of 110 basis points for the 2052 notes and 105 basis points for the 2049 notes.
The purchase prices will be calculated at around 1:00 p.m. CEST on September 23, 2025, and are intended to reflect a yield to the first reset date for each series. Sampo will also pay accrued interest on any notes accepted for purchase.
The maximum amount payable for the repurchased notes is expected to approximately equal the net proceeds from the new notes issuance. If the tender offers are oversubscribed, Sampo may implement pro rata scaling.
Noteholders must submit valid tender instructions by 5:00 p.m. CEST on September 22, 2025. The expected settlement date is September 25, 2025, subject to the successful completion of the new notes offering.
BNP Paribas, Citigroup, Morgan Stanley and Nordea Bank are acting as dealer managers for the offers, according to the press release statement.
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