Alm. Brand has issued Tier 2 capital for DKK 1.3bn with a floating interest rate of 3-month CIBOR + 1.5% annually.
It is Alm. Brand’s first public issue of Tier 2 capital following a great demand from its investors.
The issue is a part of Alm. Brand’s overall funding plan in connection with its acquisition of Codan’s Danish activities.
The capital certificates have a 10-year term to maturity with the possibility of prepayment 5 years after the issue, and they are expected to be listed within 6 months after the issue. The capital certificates have been assigned a BBB-rating by Fitch and placed with institutional investors in Scandinavia.
Accura advised Alm. Brand in connection with the transaction.
Photo: Almbrand.dk