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Banca IFIS terminates exchange offer for tier 2 subordinated notes
Chicago, Sept. 29 – Banca IFIS SpA said it terminated the exchange offer for its €400 million 4½% tier 2 subordinated callable notes due Oct. 17, 2027 (ISIN: XS1700435453) as the minimum new issue size condition was not met, according to a notice.
Initially, on Sept. 26, the company announced that it would amend the new issue condition.
The minimum issue size was amended to €125 million from €200 million, in response to the receipt of tenders in the amount of €164,494,000. However, that amendment has been redecided and the bank is now terminating the offer.
The issuer was offering new euro-denominated fixed-rate subordinated notes due Dec. 28, 2032 and a cash consideration. The amount of new notes would have been between €625 to €1,000 per new note, with the cash consideration bringing the full consideration up to a par exchange consideration.
The new notes would have started with an 8¼% coupon and a reset rate based on the five-year mid-swap rate and a margin of 577.4 basis points. The first reset date would have been Dec. 28, 2027. There was a maximum new issue size of €250 million.
The structuring advisers and joint dealer managers were UBS Europe SE (+44 20 7658 1121, ol-liabilitymanagement-eu@ubs.com) and Santander CIB (+44 7418 709 688, +44 7708 315 191).
The joint dealer managers were Deutsche Bank AG (+44 20 7545 8011), Intesa Sanpaolo SpA (+39 02 7261 4704, liability.management@intesasanpaolo.com), J.P. Morgan SE (liability_management_EMEA@jpmorgan.com) and UniCredit Bank AG (+39 02 886 20581, corporate.lm@unicredit.de; agdcmsyndfigitaly.uc@unicredit.eu).
The exchange agent was Kroll Issuer Services ltd. (+44 20 7704 0880, bancaifis@is.kroll.com, https://deals.is.kroll.com/bancaifis).
The offer started Sept. 16.
The expiration deadline was 11 a.m. ET on Sept. 23. The revocation deadline was 11 a.m. ET on Sept. 28, the original settlement date.
Settlement was planned for Oct. 3, an extension from the original settlement date.
The issuer is a Venice, Italy-based bank.
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