UBI Banca holders tender 24.04% of three series tier 1 instruments

By Susanna Moon

Chicago, March 15 - Unione di Banche Italiane ScpA, also known as UBI Banca, said holders tendered €109,022,000 liquidation preference amount, or 24.04%, of three series of tier 1 instruments issued by the group in the tender offer to retail and institutional investors.

Of the total, investors tendered €10,193,000, or 2.87%, of the notes under the public offer to retail investors, which began on Feb. 24 and expired on March 12, according to a press release. Citibank NA is the tender agent.

The results of the institutional offer that began on Feb. 7 have already been reported. In that offer, holders received 80% of par, or €800 per €1,000 of liquidation preference amount, plus accrued dividends up to but excluding the settlement date.

The breakdown of the tenders in the retail offer is as follows:

• €4,057,000, or 4.25%, of Banca Lombarda Preferred Securities Trust's step-up non-voting non-cumulative trust preferred securities;

• €852,000, or 0.46%, of Banca Popolare di Bergamo Capital Trust's trust preferred securities; and

• €5,284,000, or 7.27%, of Banca Popolare Commercio e Industria Capital Trust's noncumulative guarantee trust preferred securities.

Settlement will occur on March 16.

Institutional offer

UBI Banca said on Feb. 17 that it accepted €98,829,000 of tier 1 instruments for purchase in the tender offer that ended at 11 a.m. ET on Feb. 16.

The bank accepted

• €29,117,000, or 23.4%, of Banca Lombarda Preferred Securities Trust's €124,636,000 of trust preferreds;

• €40,966,000, or 18.0%, of Banca Popolare di Bergamo Capital Trust's €227,436,000 of trust preferreds; and

• €28,746,000, or 28.4%, of Banca Popolare Commercio e Industria Capital Trust's €101,388,000 of trust preferreds.

The institutional offer began on Feb. 7 and settled on Feb. 22.

Following settlement, €95,519,000 of Banca Lombarda Preferred Securities Trust's trust preferreds, €186.47 million of Banca Popolare di Bergamo Capital Trust's trust preferreds and €72,642,000 of Banca Popolare Commercio e Industria Capital Trust's trust preferreds will remain outstanding.

The offer was made to Italian and international qualified investors.

The dealer managers are Citigroup Global Markets Ltd. (+44 207 986 8969), HSBC Bank plc (+44 207 991 5774) and Natixis SA (33 158 558075). The tender agent is Citibank NA (+44 207 508 3876).

UBI Banca is a Bergamo, Italy-based banking group.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.