Alm. Brand has issued Restricted Tier 1 capital for DKK 400m with a floating rate of 3-month CIBOR + 3.4% annually.
It is Alm. Brand’s first public issue of Restricted Tier 1 capital following a great demand from its investors.
The issue is the last part of Alm. Brand’s overall funding plan in connection with its acquisition of Codan’s Danish activities.
The capital certificates are perpetual. As a starting point, the first opportunity to redeem the capital certificates will be 5 years after the issue, and they may only be redeemed at Alm. Brand’s option. The capital certificates have been assigned a BBB rating by Fitch and they are expected to be listed on a regulated market.
Accura advised Alm. Brand in connection with the transaction.