Tryg Forsikring A/S mandates potential SEK/NOK/DKK Restricted Tier 1 PNC[5] Notes
Tryg Forsikring A/S, rated A1 by Moody’s, has mandated Danske Bank and Nordea as Joint Lead Managers to arrange a digital fixed income investor meeting on Monday 6 March 2023 at 14:00 CET, and to explore subsequent issuance of one or more Perpetual Restricted Tier 1 Capital Notes (the “Notes”). The Notes may be denominated in any of the Nordic currencies and carry a fixed and/or variable rate of interest for the targeted [5] year maturity to first call, subject to market conditions. The Notes are expected to be rated Baa3 by Moody’s and will feature a principal write-down loss absorption mechanism with a discretionary reinstatement condition.
In connection with the contemplated issuance of the Notes, the Issuer is contemplating to purchase some or all of its outstanding SEK 700,000,000 Floating Rate Perpetual Restricted Tier 1 Capital Notes (kapitalbeviser) with ISIN DK0030418249 (the “Existing Notes”) on the secondary market. Any purchase by the Issuer of Existing Notes will be executed in the absolute and sole discretion and determination of the Issuer and any such purchase shall be conditional upon (i) the successful completion of the issuance and settlement of the Notes, (ii) receipt by the Issuer of the proceeds of the issuance of the Notes, (iii) that the Issuer’s purchase of the Existing Notes is funded out of the proceeds of the Notes and (iv) the satisfaction of each of the Redemption and Purchase Conditions as set out and as defined in the terms and conditions of the Existing Notes (together the “Purchase Conditions”). The Danish Financial Supervisory Authority has given its pre-approval to the Issuer’s purchase of the Existing Notes. The Existing Notes will (subject to satisfaction of the Purchase Conditions and the Minimum Settlement Unit (as defined in the terms and conditions of the Existing Notes) be purchased at [100] per cent. of their Outstanding Principal Amount (as defined in the terms and conditions of the Existing Notes) at the date of settlement of the purchase together with any accrued and unpaid interest to (but excluding) the date of settlement of the purchase.
MIFID II product governance / Professional investors and eligible counterparties only target market / No PRIIPs KID: The target investors of the Notes are only eligible counterparties and professional clients (all distribution channels). No packaged retail and insurance-based investment products (“PRIIPs”) key information document (“KID”) has been prepared as the Notes are not available to retail investors in the European Economic Area or the United Kingdom.
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