UBI Banca accepts €98.93 million of trust preferreds for purchase

By Angela McDaniels

Tacoma, Wash., Feb. 17 - Unione di Banche Italiane ScpA, also known as UBI Banca, accepted €98,829,000 of tier 1 instruments for purchase in a tender offer that ended at 11 a.m. ET on Feb. 16, according to a group news release.

The bank accepted

• €29,117,000, or 23.4%, of Banca Lombarda Preferred Securities Trust's €124,636,000 of trust preferreds;

• €40,966,000, or 18.0%, of Banca Popolare di Bergamo Capital Trust's €227,436,000 of trust preferreds; and

• €28,746,000, or 28.4%, of Banca Popolare Commercio e Industria Capital Trust's €101,388,000 of trust preferreds.

Holders will receive 80% of par, or €800 per €1,000 of liquidation preference amount, plus accrued dividends up to but excluding the settlement date.

The offer began on Feb. 7. The settlement date is expected to be Feb. 22.

Following settlement, €95,519,000 of Banca Lombarda Preferred Securities Trust's trust preferreds, €186.47 million of Banca Popolare di Bergamo Capital Trust's trust preferreds and €72,642,000 of Banca Popolare Commercio e Industria Capital Trust's trust preferreds will remain outstanding.

The offer was made to Italian and international qualified investors. It will be followed by a public tender offer made in Italy on the same terms to holders who are not qualified investors.

The dealer managers are Citigroup Global Markets Ltd. (44 207 986 8969), HSBC Bank plc (44 20 7991 5774) and Natixis SA (33 158 558075). The tender agent is Citibank NA (40 0 20 7508 3876).

UBI Banca is a Bergamo, Italy-based banking group.

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