Topdanmark A/S
Topdanmark Forsikring A/S issues DKK 400m of subordinated notes (subordinated loan capital)
Topdanmark A/S 21.06.2011 16:22 --------------------------------------------------------------------------- 21 June 2011 As announced in Topdanmark's interim report for Q1 2011 (company announcement No. 15/2011) Topdanmark Forsikring A/S intends to issue subordinated notes in Q2 2011. If the Danish Financial Supervisory Authority (DFSA) approves that Topdanmark Forsikring A/S uses an internal model to calculate insurance risks under Solvency II, it is expected that the required size of the solvency capital of Topdanmark Forsikring A/S will be DKK 600-800m lower than if the DFSA requires that the so-called standard model be used. Topdanmark expects that its internal model will be approved but wishes to ensure sufficient solvency capital, in good time, by 2013 if the internal model is not approved in time. Topdanmark continues to believe that solvency capital of DKK 4.5bn (before allocation of solvency capital for growth) will be sufficient, if its internal model is approved. Topdanmark Forsikring A/S has decided to issue a total of DKK 400m of subordinated notes to serve as resources for the expected implementation of Solvency II at the beginning of 2013 and consequently it has on 9 and 21 June published the statutory prospectuses. On 24 June 2011 Topdanmark Forsikring A/S will issue subordinated notes with a total nominal value of DKK 400m. The issue of DKK 350m was subscribed during the period of 14 to 17 June 2011 with significant demand, which generated the issue of further subordinated notes of DKK 50m on 21 June 2011. The subordinated notes represent subordinated loan capital and in the period from and including 24 June 2011 up to 24 June 2016 the interest rate on the notes is 6.633% p.a. and in the period from and including 24 June 2016 up to 24 June 2019 it is equivalent to 3 month Cibor plus 5.25% p.a. These subordinated notes will be due for redemption on 24 June 2019 at par. Topdanmark is entitled to redeem early at par from 24 June 2016 subject to the prior approval of the DFSA. The subordinated loan has been arranged by Nykredit Bank A/S and will be listed for trading on NASDAQ OMX Copenhagen A/S with the first day of trading on 24 June 2011. For further details, see the attached prospectuses (in Danish) published on Topdanmark's and the DFSA's websites on 9 June 2011 respectively 21 June 2011. Please direct any queries to: Steffen Heegaard, Head of IR and Group Communications Direct tel: +45 4474 4017, Mobile: +45 4025 3524 Lars Thykier, CF Direct tel: +45 4474 3714 News Source: NASDAQ OMX 21.06.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Topdanmark A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010259530 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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