Banco BPM launches tender offer for 8.75% perpetual notes

By Marisa Wong

Los Angeles, Nov. 17 – Banco BPM SpA announced a cash tender offer for any and all of its €300 million 8.75% additional tier 1 perpetual notes with a first call date of June 18, 2024 (ISIN: XS1984319316), according to a notice.

Banco BPM is offering to purchase the notes at 102, plus accrued interest.

The tender offer is not contingent on the tender of any minimum nominal amount of existing notes but is subject to a new issue condition.

The tender offer is being made simultaneously with a new notes offering. The company said it intends to issue €300 million of new fixed-rate reset perpetual additional tier 1 notes.

Holders who participate in the tender offer may be given priority in the allocation of the new notes.

The tender offer will expire at 11 a.m. ET on Nov. 24.

Settlement is expected to be on Nov. 29.

Morgan Stanley & Co. International plc (+44 20 7677 5040; debt_advisory@morganstanley.com) is the structuring adviser and a dealer manager alongside Banca Akros SpA (+39 02 43445203; dcm@bancaakros.it), Barclays Bank Ireland plc (eu.lm@barclays.com), Citigroup Global Markets Europe AG (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Credit Agricole CIB (+44 20 7214 5553; liability.management@ca-cib.com) and Goldman Sachs International (+44 20 7774 4836; liabilitymanagement.eu@gs.com).

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

The retail bank is based in Milan.

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