Hamburg Commercial Bank AG
HSH Nordbank AG: HSH on potential restructuring of regulatory capital as part of its upcoming transformation
DGAP-News: HSH Nordbank AG / Key word(s): Capital Reorganisation NOT FOR DISTRIBUTION FROM, WITHIN, IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE “UNITED STATES”) OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. As part of the transformation of HSH Nordbank AG, which will be shaped by the transition from public to private ownership, HSH Nordbank AG intends to restructure its regulatory capital base following the closing of its privatisation which is still expected to occur in Q4 2018. The restructuring aims to streamline and strengthen the HSH Nordbank AG group’s capital base and could include, without being limited to, a liability management exercise (LME) consisting of a termination (with 2 years’ notice period and triggering a repayment obligation at the relevant HGB (German GAAP) book values of the hybrid capital instruments) and/or a buyback offer with regard to all hybrid capital instruments issued directly or indirectly by HSH Nordbank AG. Consistent with HSH Nordbank AG’s prior announcements, no coupon payments are currently expected on any hybrid capital instruments in the foresee-able future. Besides the accumulated loss from financial year 2017 under German GAAP, which is not expected to be offset, HSH Nordbank AG expects, despite anticipated satisfying operating results, burdens with regard to the privatisation (e.g. payment for the premature termination of the state guarantee) and transformation process (e.g. expenses for restructuring the business model). HSH Nordbank AG therefore expects that the German GAAP loss carry forward in respect of financial year 2017 HSH Nordbank AG has appointed J.P. Morgan and UBS Investment Bank (as international dealer managers in connection with a potential buyback of listed hybrid capital instruments from institutional investors only) and Rothschild & Co (as financial advisor in connection with the intended capital base restructuring and a potential LME). J.P. Morgan, UBS Investment Bank and Rothschild & Co are seeking to engage with institutional holders of the hybrid capital instruments with a view to the intended capital base restructuring and a potential LME. For further details please contact investor-relations@hsh-nordbank.com. This announcement does not constitute an offer to purchase or a solicitation of an offer to sell any securities owned or held by persons in the United States or in any other jurisdiction.
06.11.2018 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | HSH Nordbank AG |
Gerhart-Hauptmann-Platz 50 | |
20095 Hamburg | |
Germany | |
Phone: | +49 (0)40 33 33-0 |
Fax: | +49 (0)40 33 33-340 01 |
E-mail: | info@hsh-nordbank.com |
Internet: | www.hsh-nordbank.com |
ISIN: | DE000HSH2H15, DE000HSH2H23 |
WKN: | HSH2H1, HSH2H2 |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart |
ISIN-Liste abrufbar unter: http://www.hsh-nordbank.de/media/pdf/investorrelations/funding/anleihe/MarktSegment.pdf |
End of News | DGAP News Service |