Banco Comercial Portugues holders exchange €990.17 million perpetuals

By Angela McDaniels

Tacoma, Wash., May 16 - Banco Comercial Portugues, SA received tenders for €990,174,000 of floating-rate perpetual subordinated securities with conditional interest during an exchange offer, according to a bank news release.

Holders tendered the following amounts:

• €290,147,000, or 96.72%, of the bank's €300 million securities issued June 29, 2009;

• All €200 million of its securities issued Aug. 6, 2009;

• All €400 million of its securities issued Aug. 14, 2009; and

• All €100 million of its securities issue Dec. 23, 2009.

In total, the securities tendered equal 99.01% of the securities eligible for the offer.

The bank will issue 1,584,235,200 ordinary shares in exchange for the tendered securities, which is equivalent to 1,600 shares per €1,000 principal amount of securities. Settlement is expected to occur on May 17.

Banco Comercial Portugues is a private bank based in Porto, Portugal.

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