Slovenia's Abanka Vipa begins tender offer for floaters due 2012

By Angela McDaniels

Tacoma, Wash., Sept. 19 - Abanka Vipa dd began a Dutch auction tender offer for its floating-rate notes due 2012 guaranteed by the Republic of Slovenia, according to a bank filing with the London Stock Exchange.

The bank will accept up to €150 million, or 30%, of the €500 million notes.

The purchase price will be set via a modified Dutch auction. The minimum price is 100.5, and the maximum price is 100.8.

Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be no later than Sept. 30.

The bank will first accept all non-competitive offers, then competitive offers made at a price lower than the purchase price and finally competitive offers made at a price equal to the purchase price, in each case subject to possible proration.

The offer will expire at 10 a.m. ET on Sept. 27.

The Ljubljana, Slovenia-based bank said it decided to carry out the tender offer in order to balance its maturity profile and to reduce its funding costs.

The dealer managers are Raiffeisen Bank International AG (43 1 71707 1494 or zoltan.toth@rbinternational.com) and UniCredit Bank AG (49 89 378 14182 or martina.knorrek@unicreditgroup.de). The tender agent is Bank of New York Mellon (44 20 7964 4958 or debtrestructuring@bnymellon.com).

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