Banca Popolare di Sondrio starts tender offer for subordinated notes due 2029

By Mary-Katherine Stinson

Lexington, Ky., March 4 – Banca Popolare di Sondrio SCpA launched a tender offer for any and all of its €200 million fixed-rate reset subordinated notes due July 30, 2029 (ISIN: XS2034847637), according to a notice.

The lender is offering to purchase the notes at 101 plus accrued interest.

The notes currently carry an interest rate of 6¼% until the first reset date of July 30.

The Regulation S offer is subject to the satisfaction or waiver of a new financing condition. Banca Popolare announced it intends to issue, subject to market conditions, a series of new euro-denominated fixed-to-fixed rate notes under its €5 billion euro medium-term note program.

Tendering noteholders who wish to subscribe to the new notes may receive priority allocation.

Tender instructions are irrevocable except in limited circumstances.

The offer will expire at 11 a.m. ET on March 11, with the results announced as soon as practicable on March 12.

Settlement is expected for March 13.

BofA Securities Europe SA (+33 1 87 70 10 57, DG.LM-EMEA@bofa.com), Intesa Sanpaolo SpA (+39 02 7261 6502, IMI-liability.management@intesasanpaolo.com) and UBS Europe SE (ol-liabilitymanagement-eu@ubs.com) are the dealer managers.

Morrow Sodali Ltd. (+44 20 4513 6933, +39 06 4521 2811, popso@investor.morrowsodali.com, https://projects.morrowsodali.com/popso) is the information and tender agent.

The lender is based in Sondrio, Italy.

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