Published on 6/20/2012 in the Prospect News Liability Management Daily.
Banco Comercial Portugues tenders for €300 million of nine note series
By Susanna Moon
Chicago, June 20 - Banco Comercial Portugues, SA said it will purchase up to €300 million of nine series of notes in tender offers that began Wednesday.
The bank will purchase its €1.25 billion series of floating-rate notes due 2014 at a fixed price of 86% of par plus accrued interest and the rest of the note series by unmodified Dutch auction, as specified in the table below.
The offers will end at 11 a.m. ET on June 28. Settlement will occur on July 3.
The dealer managers are Deutsche Bank AG, London Branch (+44 20 7545 8011, attn: liability management group, or e-mail liability.management@db.com) and UBS Ltd. (+44 207 567 0525, attn: liability management group, or e-mail ol-liability-management@ubs.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Thomas Choquet/Yves Theis, or e-mail bcp@lucid-is.com).
The rationale for the offer is to proactively manage the Lisbon-based bank's outstanding liabilities and capital base and to provide liquidity to the holders, according to a press release.
| Issuer | Series | Maturity | Pool factor | Minimum price | Outstanding amount
|
| Magellan Mortgages
|
| Mortgage-backed floating-rate notes
|
| No. 2 plc | Class A €930 million | 2036 | 0.201054 | 78% | €186,980,220
|
| No. 2 plc | Class B €40 million | 2036 | 1.000000 | 48% | €40 million
|
| No. 2 plc | Class C €25 million | 2036 | 1.000000 | 40% | €25 million
|
| No. 2 plc | Class D €5 million | 2036 | 1.000000 | 31% | €5 million
|
| No. 3 plc | Class A €1,413,750,000 | 2058 | 0.388409 | 65% | €549,113,223.80
|
| No. 3 plc | Class B €33.75 million | 2058 | 0.488681 | 49% | €16,492,983.80
|
| No. 3 plc | Class C €15.75 million | 2058 | 0.488681 | 47% | €7,696,725.80
|
| No. 3 plc | Class D €36.75 million | 2058 | 0.488681 | 38% | €17,959,026.80
|
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