Topdanmark Forsikring A/S issues DKK 500m of subordinated notes (subordinated loan capital)
29. december 2020
Med. nr. 14/2020
Topdanmark Forsikring A/S issues DKK 500m of subordinated notes (subordinated loan capital)
As announced in Topdanmark's interim report for Q3 2020 (company announcement no. 11/2020), Topdanmark Forsikring A/S has redeemed subordinated notes of DKK 500m issued in 2015. It was further announced that it was the intention to replace the subordinated notes with a new subordinated loan with provisions in accordance with the requirements of Solvency II.
Consequently, on 30 December 2020 Topdanmark Forsikring A/S will issue subordinated notes with a total nominal value of DKK 500m. The issue of DKK 500m is a private placement subscribed by If.
The subordinated notes represent subordinated loan capital, and in the period from and including 30 December 2020 up to 30 December 2030 the interest rate on the notes is 1.60% p.a. plus 3 months CIBOR. Should CIBOR cease to exist prior to 30 December 2030, a relevant replacement for CIBOR will be agreed to between If and Topdanmark.
These subordinated notes will be due for redemption on 30 December 2030 at par. Topdanmark is entitled to redeem early at par from 30 December 2025 subject to requirements under Solvency II including the prior approval of the Danish FSA.
Please direct any queries to:
Steffen Heegaard, IR Director
Direct tel: +45 4474 4017, Mobile: +45 4025 3524
Lars Thykier, CFO
Direct tel: +45 4474 3714
Topdanmark Forsikring A/S
CVR no. 78416114
Borupvang 4
2750 Ballerup
Kontakter
Om Topdanmark A/S
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