Banco BPI accepts tenders for €162.84 million Sagres mortgage floaters

By Susanna Moon

Chicago, Dec. 3 – Banco BPI, SA said investors had tendered €302,817,703.61 amortized principal amount of Douro mortgage notes issued by Sagres Sociedade de Titularizacao de Creditos, SA.

Banco BPI will accept for purchase €162,837,919.51 of the tendered notes, according to a notice.

The tender offer ended on Dec. 2, and settlement has been slated for Dec. 7. The offer began on Nov. 24.

The bank will accept for purchase the following amount of outstanding mortgage-backed floating-rate securitization notes:

• €66.25 million (€16,217,251.38 amortized) of Douro Mortgages No. 1 €1,434,000,000 class A notes due June 2056 for a purchase price of €15,656,256.87;

• €1.35 million (€405,145.53 amortized) of Douro Mortgages No. 1 €24.75 million class B notes due June 2056 for a purchase price of €384,888.25;

• None of Douro Mortgages No. 1 €18.75 million class D notes due June 2056;

• None of Douro Mortgages No. 2 €315 million class A1 notes due 2059;

• €64.65 million (€27,632,334.50 amortized) of Douro Mortgages No. 2 €1,125,000,000 class A2 notes due 2059 for a purchase price of €26,480,752.15;

• €7 million (€2,991,900.10 amortized) of Douro Mortgages No. 2 €27.75 million class B notes due 2059 for a purchase price of €2,692,710.09;

• €913,000 (€390,229.26 amortized) of Douro Mortgages No. 2 €18 million class C notes due 2059 for a purchase price of €330,133.95;

• €350,000 (€149,595.01 amortized) of Douro Mortgages No. 2 €14.25 million class D notes due 2059 for a purchase price of €118,180.05; and

• €228.5 million (€115,051,463.75 amortized) of Douro Mortgages No. 3 €1,441,500,000 class A notes due 2060 for a purchase price of €110,134,461.26.

The outstanding principal amounts include amounts held by BPI.

The purchase price was determined through an unmodified Dutch auction procedure, with the minimum purchase price and pool factor, respectively, as follows:

• 91 and 0.2447887 for the Douro Mortgages No. 1 class A notes;

• 85 and 0.3001078 for the Douro Mortgages No. 1 class B notes;

• 74 and 0.3001078 for the Douro Mortgages No. 1 class D notes;

• 90 and 0.0151029 for the Douro Mortgages No. 2 class A1 notes;

• 90 and 0.4274143 for the Douro Mortgages No. 2 class A2 notes;

• 82 and 0.4274143 for the Douro Mortgages No. 2 class B notes;

• 75 and 0.4274143 for the Douro Mortgages No. 2 class C notes;

• 71 and 0.4274143 for the Douro Mortgages No. 2 class D notes; and

• 89 and 0.5035075 for the Douro Mortgages No. 3 class A notes.

BPI will also pay accrued interest.

Noteholders had to submit their tender instructions as either non-competitive or competitive. A non-competitive tender instruction either does not specify the purchase price or specifies a purchase price less than or equal to the minimum purchase price. A competitive tender instruction specifies a purchase price greater than the minimum purchase price.

Banco BPI (+351 213101170, attn.: debt capital markets, debtcapitalmarkets@bancobpi.pt), Citigroup Global Markets Ltd. (+44 (0)20 7986 8969, attn.: liability management group, liabilitymanagement.europe@citi.com) and Deutsche Bank AG, London Branch (+44 (0)20 7545 8011, attn.: liability management group, liability.management@db.com) are the dealer managers for the tender offer. Banco BPI (+351 222075793, +351 222075832, attn.: corporate actions, corporate.actions@bancobpi.pt) is the tender agent.

The bank is based in Porto, Portugal.

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