Deutsche Bank Announces Early Tender Results of Its Previously Announced Tender Offer for Certain of Its Outstanding Eligible Liabilities Senior Notes

Rhea-AI Summary

Deutsche Bank has announced the early tender results for its cash tender offer for up to $1.0 billion of its outstanding senior notes, which includes 3.035% notes due 2032, 2.552% notes due 2028, 2.311% notes due 2027, and 2.129% notes due 2026. As of August 10, 2022, Deutsche Bank received tenders exceeding the tender cap, leading to full acceptance of the 3.035% notes and partial acceptance of the 2.552% notes. The tender offer will expire on August 24, 2022.

Positive

• Successfully managed early tender results with significant participation.
• Full acceptance of 3.035% Eligible Liabilities Senior Notes due 2032.

Negative

• Oversubscribed tender may lead to unaccepted tenders beyond the early tender deadline.
• Only partial acceptance of the 2.552% notes could indicate limited liquidity.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION INTO WHICH SUCH DISTRIBUTION WOULD BE UNLAWFUL. THIS NOTICE IS FOR INFORMATION ONLY AND IS NOT AN OFFER TO EXCHANGE, PURCHASE OR SELL SECURITIES. THE TENDER OFFER DISCUSSED BELOW IS BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE (AS DEFINED BELOW).

FRANKFURT AM MAIN, Germany--(BUSINESS WIRE)-- Deutsche Bank Aktiengesellschaft (XETRA: DBKGn.DE / NYSE: DB) (“Deutsche Bank”) announced today the early tender results for its previously announced cash tender offer (the “Tender Offer”) for up to $1.0 billion aggregate principal amount (the “Tender Cap”) of its outstanding 3.035% Eligible Liabilities Senior Notes due 2032, 2.552% Eligible Liabilities Senior Notes due 2028, 2.311% Eligible Liabilities Senior Notes due 2027, and its 2.129% Eligible Liabilities Senior Notes due 2026 (the “Notes”), at a fixed spread over a Reference U.S. Treasury Security (as defined below), as described in the associated Offer to Purchase dated 28 July 2022 (the “Offer to Purchase”). Capitalized terms used in this release and not defined herein have the meanings given to them in the Offer to Purchase.

The Offer to Purchase can be accessed at the following link: https://gbsc-usa.com/registration/db.

As of 5:00 p.m., New York City time, on 10 August 2022 (the “Early Tender Time”), Deutsche Bank had received early tenders as specified in the table below.

Acceptance Priority Level	Title of Notes	CUSIP Number / ISIN	Principal Amount Outstanding (millions)	Aggregate Principal Amount Tendered	Principal Amount to be Accepted	Approximate Proration Factor
1	3.035% Eligible Liabilities Senior Notes due 2032	251526CK3 / US251526CK32	$1,500	$574,059,000	$574,059,000	100.00%
2	2.552% Eligible Liabilities Senior Notes due 2028	25160PAH0 / US25160PAH01	$1,750	$464,213,000	$426,066,000	89.78%
3	2.311% Eligible Liabilities Senior Notes due 2027	251526CP2 / US251526CP29	$1,800	$373,638,000	–	–
4	2.129% Eligible Liabilities Senior Notes due 2026	251526CE7 / US251526CE71	$2,000	$561,606,000	–	–

Holders of Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Time and accepted for purchase are eligible to receive the Full Tender Offer Consideration, which will be calculated at 10:00 a.m., New York City time, today, 11 August 2022 (the “Price Determination Time”), assuming an Early Settlement Date of 15 August 2022. The Full Tender Offer Consideration, which includes the Early Tender Payment, will be announced promptly after the Price Determination Time. In addition to the Full Tender Offer Consideration, Holders of Notes accepted for purchase will receive Accrued Interest on those Notes from the last interest payment date with respect to the Notes to, but not including, the Early Settlement Date.

Because the purchase of all Notes validly tendered in the Tender Offer would cause Deutsche Bank to purchase an aggregate principal amount of Notes in excess of the Tender Cap, Deutsche Bank expects to accept for purchase (i) all of the Notes in Acceptance Priority Level 1 validly tendered at or prior to the Early Tender Time, and (ii) only $426,066,000 principal amount of its 2.552% Eligible Liabilities Senior Notes due 2028, using an approximate proration factor of 89.78%. See “Acceptance Priority Levels and Proration” in the Offer to Purchase for more details.

Deutsche Bank expects to settle all Notes tendered on or prior to the Early Tender Time and accepted for purchase on 15 August 2022.

Because the Tender Offer was oversubscribed at the Early Tender Time, Holders of Notes who tender after the Early Tender Time will not have any of their Notes accepted for purchase. Any tendered Notes that are not accepted for purchase will be returned or credited to the Holder’s account without expense.

The Tender Offer will expire at 11:59 p.m., New York City time, on 24 August 2022, unless extended or earlier terminated by Deutsche Bank.

Deutsche Bank’s affiliate, Deutsche Bank Securities Inc., is serving as Dealer Manager in connection with the Tender Offer. For additional information regarding the terms of the Tender Offer, please contact: Deutsche Bank Securities Inc. at (866) 627-0391 (toll-free) or (212) 250-2955 (collect). Requests for the Offer to Purchase may be directed to Global Bondholder Services Corporation, which is acting as the Tender Agent and Information Agent for the Tender Offer, at (212) 430-3774 or (855) 654-2015 (toll-free) or contact@gbsc‑usa.com. The Offer to Purchase can also be accessed at the following link: http://gbsc-usa.com/registration/db.

DISCLAIMERS

THIS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE NOTES. THE TENDER OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF THE TENDER OFFER THAT HOLDERS OF THE NOTES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.

NONE OF DEUTSCHE BANK AG, THE INFORMATION AGENT, THE TENDER AGENT OR THE DEALER MANAGER HAS EXPRESSED ANY OPINION AS TO WHETHER THE TERMS OF THE TENDER OFFER ARE FAIR. NONE OF DEUTSCHE BANK AG, THE INFORMATION AGENT, THE TENDER AGENT OR THE DEALER MANAGER MAKES ANY RECOMMENDATION THAT HOLDERS TENDER THEIR NOTES OR REFRAIN FROM DOING SO PURSUANT TO THE TENDER OFFER, AND NO ONE HAS BEEN AUTHORIZED BY ANY OF THEM TO MAKE ANY SUCH RECOMMENDATION. ANY HOLDER OF NOTES SHOULD MAKE ITS OWN ASSESSMENT OF THE MERITS AND RISKS OF TENDERING ITS NOTES PURSUANT TO THE TENDER OFFER AND SHOULD SEEK ITS OWN ADVICE (INCLUDING IN RESPECT OF ANY TAX CONSEQUENCES) FROM ITS STOCKBROKER, BANK MANAGER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER.

RESTRICTIONS

THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE NOTES IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE TENDER OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE TENDER OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF THE DEUTSCHE BANK BY THE DEALER MANAGER, IF THE DEALER MANAGER IS A LICENSED BROKER OR A DEALER UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKERS OR DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 11 March 2022 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005208/en/

Deutsche Bank:

Investor Relations

+49 800 910-8000

db.ir@db.com

Source: Deutsche Bank AG

FAQ

What is the total amount of Deutsche Bank's cash tender offer?

Deutsche Bank's cash tender offer is for up to $1.0 billion.

When did Deutsche Bank announce the early tender results?

Deutsche Bank announced the early tender results on August 10, 2022.

What is the expiration date for Deutsch Bank's tender offer?

The tender offer will expire on August 24, 2022.

Which senior notes were included in the tender offer?

The tender offer includes 3.035% notes due 2032, 2.552% notes due 2028, 2.311% notes due 2027, and 2.129% notes due 2026.

How much of the 2.552% Eligible Liabilities Senior Notes due 2028 was accepted?

$426,066,000 principal amount of the 2.552% notes was accepted in the tender offer.