06/10/2021 | Press release | Distributed by Public on 06/10/2021 03:39
10.6.2021 11:35:47 CEST | BankNordik | Company Announcement
Announcement no. 11/2021
BankNordik has issued DKK 100 million additional Tier 2 capital effective from 24 June 2021, at a five year fixed interest rate of 3 percent p.a. The new bonds have a maturity of 10 years with the option to call after five years and any time thereafter, subject to approval by the Danish Financial Supervisory Authority (Finanstilsynet).
On 24 June 2021, BankNordik will redeem DKK 225 million of existing Tier 2 capital at an interest rate of 5 percent p.a.
The redemption and issue are part of BankNordik's ongoing optimisation of its capital structure. Following the issue, BankNordik's additional Tier 1 capital and subordinated Tier 2 capital will amount to a total of DKK 250 million, corresponding to 3.5% of the risk-weighted exposure as at 31 March 2021.
Nordea has acted as Sole Structuring Advisor and Lead Manager of the issue.
Árni Ellefsen, CEO, tel. (+298) 230 348 or [email protected]
BankNordik has banking activities in Greenland and the Faroe Islands and insurance activities in the Faroe Islands. Founded in the Faroe Islands more than a century ago, the Group has total assets of DKK 12bn and 218 employees. The Bank is subject to the supervision of the Danish Financial Supervisory Authority and is listed on Nasdaq Copenhagen.