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Banco de Sabadell begins tender offers for €1.5 billion of securities
By Angela McDaniels
Tacoma, Wash., Jan. 31 - Banco de Sabadell, SA began tender offers for four series of securities, according to a bank news release.
Holders are being offered:
• 78% of par for the bank's €154.2 million of series I/2006 step-up fixed/floating-rate non-cumulative perpetual preferred securities;
• 85% of par for Banco Guipuzcoano, SA's €125 million of floating-rate subordinated securities due March 21, 2016;
• 85% of par for Banco de Sabadell's €716.6 million of series I/2006 subordinated securities (Obligaciones Subordinadas) due May 25, 2016; and
• 90% of par for the bank's €500 million of series I/2010 subordinated securities due April 26, 2020.
Holders will also receive accrued interest.
The principal amount of securities purchased in the offers is subject to a cap that will be based on the proceeds the bank expects to receive from the issuance of up to 126,363,082 new shares. The bank expects to announce the results of the new shares offering and the maximum tender amount on Feb. 2.
The securities are listed in order of acceptance priority level.
The offers will expire at 11 a.m. ET on Feb. 10.
Banco Guipuzcoano's floating-rate securities become callable on March 21, and Banco de Sabadell's series I/2006 subordinated securities become callable on May 25. The bank said any decision about whether to call these securities if any remain outstanding after the tender offers will be taken on an economic basis.
The tender offers are conditioned on the completion of the new share offering.
The dealer manager is UBS Ltd. (+44 0 20 7567 0525 or mark-t.watkins@ubs.com), and the tender agent is Lucid Issuer Services Ltd. (contact David Shilson or Sunjeeve Patel at +44 0 20 7704 0880 or Sabadell@lucid-is.com).
Banco de Sabadell is a banking group based in Sabadell, Spain.
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