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Credito Emiliano accepts all €162.04 million of tendered 2025 notes
By Mary-Katherine Stinson
Lexington, Ky., Sept. 26 – Credito Emiliano SpA announced the final results of its 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 company announced that it is accepting all €162,039,000 validly tendered notes for purchase with no proration.
The purchase price will be 96.956, determined using the interpolated mid-swap rate and a purchase spread of 35 basis points. Accrued interest will also be paid to the settlement date.
The tender offer was conditioned on the successful completion of a new notes offering. On Tuesday, the company announced it had issued €500 million of callable fixed-to-floating rate senior social notes due March 2030.
The tender offer expired at 11 a.m. ET on Sept. 25.
Pricing was determined at or around 8 a.m. ET on Sept. 26.
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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