Banco CAM tenders for two floating series at purchase price of 75

By Jennifer Chiou

New York, Feb. 24 - Banco CAM, SAU announced the start of a tender offer for holders of the €176.35 million outstanding principal amount of guaranteed floating-rate subordinated step-up notes due Sept. 29, 2016 as well as the €218.8 million of outstanding callable subordinated step-up floating-rate notes due April 26, 2017 issued by CAM International Issues, SA Unipersonal.

The offer will end at 11 a.m. ET on March 5.

The company and its subsidiaries hold €127.8 million of the original €400 million of floaters due 2016 and €76.5 million of the original €500 million of floaters due 2017.

The notes are guaranteed by Caja de Ahorros del Mediterráneo.

The bank will pay 75% of par for both series plus accrued interest up to the settlement date, which is expected to be March 8.

The purpose of the offer it to enhance the efficiency and quality of the company's capital, according to a news release.

The dealer manager is HSBC Bank plc (44 20 7992 6237; attn: liability management group at liability.management@hsbcib.com). The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880; attn: David Shilson/Thomas Choquet at cam@lucid-is.com).

The banking company is based in Alicante, Spain.

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