Raiffeisen Bank starts tender offer for additional tier 1 notes

By Marisa Wong

Los Angeles, March 19 – Raiffeisen Bank International AG announced a tender offer for its €650 million fixed-to-reset rate additional tier 1 notes of 2017 with a first reset date on Dec. 15, 2022 and upcoming call date on June 15, 2024 (ISIN: XS1640667116).

The issuer is offering to purchase any and all of the notes at 100.625.

The company will also pay accrued distributions. The current coupon is 8.659%.

The tender offer expires at noon ET on March 26.

Results will be announced on March 27.

Settlement is slated for March 28.

The tender offer is subject to a new financing condition. The company announced on Tuesday plans to issue new notes.

Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new notes.

Settlement of the tender offer is also conditioned on a trigger event (as defined in the terms and conditions of the notes) not having occurred before the settlement date.

BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), Raiffeisen (+43 1 71707 1039; tmg@rbinternational.com; project-bondsyndication@rbinternational.com) and UBS Europe SE (+44 20 7568 1121; ol-liabilitymanagement-eu@ubs.com) are the dealer managers.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; rbinternational@is.kroll.com) is the tender agent.

The issuer is a Vienna-based bank.

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