Banco de Sabadell wraps tender offer, accepts €580.4 million of notes

By Mary-Katherine Stinson

Lexington, Ky., Sept. 7 – Banco de Sabadell, SA announced the expiration of its tender offer for its outstanding €1 billion 1.75% senior non-preferred notes due May 10, 2024 (ISIN: XS1991397545), according to a notice.

The issuer has accepted all €580.4 million of notes tendered in the offer, which will be purchased in full with no proration.

As previously reported, the issuer was offering to purchase the notes at 98.6. The company will also pay accrued interest.

The offer expired at 11 a.m. ET on Sept. 6.

Settlement is slated for Sept. 8.

After settlement, €419.6 million will remain outstanding.

The purpose of the tender offer was, among other things, to manage the company’s balance sheet. The offer will also provide liquidity to noteholders whose notes are accepted in the offer.

Holders who participated in the tender offer and wished to subscribe for new euro-denominated senior non-preferred notes under a concurrent offering may be given priority in allocation of the new notes.

The joint dealer managers for the tender offer are Barclays Bank Ireland plc (+44 20 3134 8515; eu.lm@barclays.com) and Nomura Financial Products Europe GmbH (+44 20 7103 2454, +44 20 7103 2410; liability.management@nomura.com).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson / Alessandro Zorza; sabadell@is.kroll.com; https://deals.is.kroll.com/Sabadell).

The private banking group is based in Spain.

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