MING: Agreement with Norwegian State Finance Fund approved by
supervisory board

(Thomson Reuters ONE) - The Supervisory Board of SpareBank 1 SMN has on Tuesday 22 September2009 approved an agreement with the Norwegian State Finance Fundwhereby the Fund will provide an infusion of NOK 1,250,000,000through subscription to hybrid capital issued by the bank.The capital infusion will strengthen SpareBank 1 SMN capital adequacyratio by 2.12 percentage points to 10.70 per cent. The bank isassigned to risk grade 2 based on the bank's current rating (A1).The interest rate margin on the hybrid capital is 5.5 per cent abovethe six-month treasury bill rate (currently about 1.6 per cent). Themargin will rise by 1 percentage point after four years and a further1 percentage point after five years. Hybrid capital is perpetual, butthe bank can redeem the loan subject to permission fromKredittilsynet (Financial Supervisory Authority of Norway).Reference is also made to the current guidelines for approving theredemption of hybrid capital from the Norwegian State Finance Fund,see www.finansfondet.no, and Kredittilsynet's guidelines forapproving the redemption of hybrid capital from the Norwegian StateFinance Fund at www.kredittilsynet.noThe capital infusion is conditional on approval by the NorwegianState Finance Fund.Trondheim, 23 September 2009Contact person at SpareBank 1 SMNCEO Finn Haugan, +47 900 41 002This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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Bereitgestellt von Benutzer: hugin
Datum: 23.09.2009 - 08:22 Uhr
Sprache: Deutsch
News-ID 6104
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