Republic of Iceland launches cash tender offer

Group 1 - The Republic of Iceland is inviting holders of its €500,000,000 0.625 per cent. Notes due 3 June 2026 to tender their Notes for cash purchase [1][2] - The Offer is subject to the terms and conditions outlined in the Tender Offer Memorandum dated 19 May 2025 [2][3] - The Offeror intends to issue new euro-denominated fixed-rate notes, with part of the proceeds used to purchase the existing Notes, aiming to manage debt repayments and extend the average debt maturity profile [4][7] Group 2 - The purchase price for the Notes will be determined based on a yield that includes a fixed spread of -15 basis points and the 1 Year Euro Mid-Swap Rate [5] - Accrued interest will also be paid on the Tender Offer Settlement Date for any Notes accepted for purchase [6] - The Offeror reserves the right to accept or reject any tenders at its discretion, and the purchase is contingent upon the successful pricing of the New Notes [8][9] Group 3 - Noteholders who wish to subscribe for New Notes in addition to tendering their existing Notes will receive priority in allocation, provided they indicate their intention to tender [10][11] - The allocation of New Notes will consider whether Noteholders have validly tendered or indicated their intention to tender [11][12] - The pricing and allocation of the New Notes are expected to occur before the Expiration Deadline for the Offer [13] Group 4 - The Offer commenced on 19 May 2025 and will expire at 5.00 p.m. (CEST) on 23 May 2025 [22] - The Tender Offer Settlement Date is expected to be 28 May 2025, subject to the Offeror's discretion to extend or amend the Offer [22] - Noteholders must submit valid Tender Instructions for a minimum nominal amount of €100,000 to participate in the Offer [19][20]