BRIEF-Storebrand places EUR 300 mln dated subordinated notes

OSLO, March 22 Fri Mar 22, 2013 3:23am EDT

OSLO, March 22 (Reuters) - Storebrand ASA : * Storebrand livsforsikring as successfully places EUR 300,000,000 dated subordinated notes at a fixed, annual coupon of 6.875 pct * The Notes provide for an optional call by Storebrand from 2023 and for the optional or mandatory deferral of interest under certain circumstances * The Notes will qualify as available solvency margin under the prevailing European regulatory capital regime for insurers and are intended to qualify as Tier 2 capital under future European regulatory capital requirements for insurers (Solvency II) * The Notes are expected to be issued on 4 April 2013 and will be listed on the regulated market of the Luxembourg Stock Exchange * Storebrand will use the net proceeds of the issue of the Notes to repay existing subordinated indebtedness and for general corporate purposes * Storebrand mandated Citi and J.P. Morgan as joint structuring agents and joint bookrunners and Nordea as joint bookrunner for the transaction. (Reporting by Oslo newsroom)