By Angela McDaniels
Tacoma, Wash., Sept. 24 - UniCredit SpA extended its tender offer for four series of residential mortgage-backed floating-rate bonds to 11:30 ET on Sept. 27, according to a company news release.
The extension applies to the €119.2 million of class C bonds due 2033 issued by Cordusio RMBS Srl and €96 million of class C bonds due 2035, €43.8 million of class C bonds due 2040 and €102 million of class D bonds due 2040 issued by Cordusio RMBS Securitisation Srl.
The company said it made the extension after Fitch Ratings changed its outlook for the class C bonds to negative and downgraded the class D bonds to BBB-(sf) from BB(sf).
A payment date for the bonds is scheduled to fall on Sept. 28. As a result, the tender caps may be adjusted downward to the extent any repayment of principal is made on a series of bonds on the payment date. The updated bond factor and any adjustment to the tender cap for each bond series will be announced when the offer results are announced.
Background
A tender offer for 22 series of residential mortgage-backed floating-rate bonds and asset-backed floating-rate bonds began on Sept. 11. For the remaining 18 series of bonds, the expiration date was not extended and remains 11:30 a.m. ET on Sept. 24.
For the extended series of bonds, the settlement date is expected to be Oct. 1. The settlement date is Sept. 27 for the remaining series of bonds.
The purchase prices for the bonds will be set through an unmodified Dutch auction. The bonds covered by the tender offer, along with the bond factor, tender cap and minimum purchase price for each series, are listed in the tables below.
The company also will pay accrued interest.
The tender offer is part of the company's strategic goal to optimize its balance sheet structure and to support its main securitization programs by offering investors the possibility to tender their bonds in exchange for cash, according to a prior press release.
The dealer managers are Morgan Stanley & Co. International plc (44 0 207 677 5040 or liabilitymanagementeurope@morganstanley.com), Unicredit Bank AG (contact Jurgen Neumuth at 49 89 378 14255 or Juergen.neumuth@unicreditgroup.de or Paolo Montresor at 44 207 8266502 or Paolo.montresor@unicredit.eu).
The tender agent is Bondholder Communications Group LLC (contact Anne Bolton at 44 20 7382 4580 or abolton@bondcom.com).
UniCredit is Milan, Italy-based financial holding company.
UniCredit tender offer
| Residential mortgage-backed floating-rate bonds | Bond factor | Tender cap | Minimum purchase price
|
| €2.06 billion class A2 floaters due 2033 | 27.18% | €85.6 million | €47,750
|
| €52 million class B floaters due 2033 | 100.00% | €14 million | €42,500
|
| €119.2 million class C floaters due 2033 | 100.00% | €27.8 million | €34,000
|
| €1,892,000,000 class A2 floaters due 2035 | 42.07% | €115 million | €45,875
|
| €45.7 million class B floaters due 2035 | 100.00% | €10.3 million | €35,500
|
| €96 million class C floaters due 2035 | 100.00% | €18.1 million | €28,000
|
| €1,735,000,000 class A2 floaters due 2042 | 51.79% | €121.1 million | €43,750
|
| €75 million class B floaters due 2042 | 100.00% | €12.5 million | €28,500
|
| €25 million class C floaters due 2042 | 100.00% | €5.1 million | €25,000
|
| €48 million class D floaters due 2042 | 100.00% | €7 million | €18,500
|
| €2,227,600,000 class A2 floaters due 2040 | 42.29% | €138.5 million | €93,000
|
| €738.6 million class A3 floaters due 2040 | 100.00% | €120.5 million | €73,750
|
| €71.1 million class B floaters due 2040 | 100.00% | €15.7 million | €60,000
|
| €43.8 million class C floaters due 2040 | 100.00% | €9.1 million | €54,000
|
| €102 million class D floaters due 2040 | 100.00% | €14.8 million | €43,000
|
| €682 million class A1 floaters due 2043 | 21.27% | €20.6 million | €855
|
| €951.6 million class A floaters due 2043 | 25.44% | €46.4 million | €77,000
|
|
|
| Asset-backed floating-rate bonds | Bond factor | Tender cap | Minimum price
|
| €1,736,000,000 class A1 floaters, series 2007-1, due 2047 | 27.35% | €90.1 million | €43,250
|
| €126 million class B floaters due 2024 | 100.00% | €23.9 million | €47,875
|
| €160 million class B floaters due 2026 | 100.00% | €29 million | €89,500
|
| €150 million class B floaters due 2028 | 100.00% | €19.6 million | €73,000
|
| €749 million class A2 floaters due 2025 | 29.29% | €46.7 million | €5,750
|
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