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Banco de Sabadell sets tender cap at €483 million for four series
By Jennifer Chiou
New York, Feb. 1 - Banco de Sabadell, SA announced a maximum tender amount of €483 million in its offer for four series of securities.
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 maximum principal amount of securities to be purchased was determined according to the proceeds the bank received from the issuance of 126,363,082 new shares at an issue price of €3.25 each.
The securities are listed in order of acceptance priority level.
The offers will expire at 11 a.m. ET on Feb. 10. They launched on Jan. 31.
As already noted, 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 that any decision about whether to call these securities if any remain outstanding after the tender offers will be taken on an economic basis.
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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