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Credito Emiliano offers to buy up to €200 million of 2025 notes
By Marisa Wong
Los Angeles, Sept. 18 – Credito Emiliano SpA announced an offer to purchase for cash up to €200 million of its €500 million outstanding 1.5% fixed-to-floating rate callable senior non-preferred notes due October 2025 with a call date on Oct. 25, 2024 (ISIN: XS2068978050), according to a notice.
The purchase price will be determined using the interpolated mid-swap rate and a purchase spread of 35 basis points.
The tender offer is conditioned on the successful completion of a new notes offering. The company said it plans to issue euro-denominated fixed-to-floating rate senior preferred social notes due March 2030.
Holders of the existing notes who participate in the tender offer may be given priority in the allocation of the new notes.
The tender offer expires at 11 a.m. ET on Sept. 25.
The company will announce the indicative final acceptance amount on Sept. 26.
Pricing will be determined at or around 8 a.m. ET on Sept. 26. The final acceptance amount and purchase price will be announced soon after that time.
Settlement is slated for Sept. 27.
BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), Banco Santander, SA (LiabilityManagement@gruposantander.com), BofA Securities Europe SA (+33 1 877 01057; DG.LM-EMEA@bofa.com), Credit Agricole CIB (+44 20 7214 5553; liability.management@ca-cib.com) and Deutsche Bank AG (+44 20 7545 8011) are acting as dealer managers.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi / Alessandro Zorza; credem@is.kroll.com; https://deals.is.kroll.com/credem) is the tender agent.
Based in Reggio Emilia, Italy, the company offers commercial, retail and investment banking and financial services.
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