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Intesa Sanpaolo gives results of any-and-all tender offer for €750 million perpetuals due 2024
By William Gullotti
Buffalo, N.Y., Sept. 8 – Intesa Sanpaolo SpA gave the results of its cash tender offer for any and all of its €750 million additional tier 1 perpetual notes with a first call date on May 16, 2024 (ISIN: XS1614415542), according to a press release on Friday.
As previously reported, the issuer offered to purchase the notes at 100.25, plus accrued interest.
As of the offer expiration at 11 a.m. ET on Sept. 7, the aggregate amount of notes validly tendered was €503,077,000, representing 67.08% of the issue. All of the tendered notes were accepted for purchase.
Settlement remains scheduled to occur on Sept. 11.
The remaining €246,923,000 of the perpetuals are expected to be redeemed on the May 16, 2024 first call date, with formal notice expected to be given April 16, 2024.
BofA Securities Europe SA (+33 1 87 70 10 57; dg.lm-emea@bofa.com), Intesa Sanpaolo SpA (+39 02 7261 4755/5040; IMI-liability.management@intesasanpaolo.com) and Morgan Stanley & Co. International plc (+44 20 7677 5040; debt_advisory@morganstanley.com) are acting as the global coordinators for the offer and also dealer managers alongside Barclays Bank Ireland plc (eu.lm@barclays.com; +44 20 3134 8515), Citigroup Global Markets Europe AG (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Deutsche Bank AG (+44 20 7545 8011), Goldman Sachs International (+44 20 7774 4836; liabilitymanagement.eu@gs.com) and UBS Europe SE (+44 20 7568 1121; ol-liabilitymanagement-eu@ubs.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi / Alessandro Zorza; intesa@is.kroll.com; https://deals.is.kroll.com/intesa) is the tender agent.
The financial services company is based in Turin, Italy.
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