By Angela McDaniels
Tacoma, Wash., Feb. 22 - Banca Popolare di Vicenza ScpA will issue €586,726,000 principal amount of new notes in exchange for €586,891,000 of its outstanding notes, according to a notice from the bank.
An exchange offer began Feb. 13 and ended at 11 a.m. ET on Feb. 21.
The bank offered either euro-denominated 5.75% senior notes due Feb. 27, 2014 or euro-denominated 6.75% senior notes due Feb. 27, 2015 to the holders of its €250 million floating-rate notes due October 2012, €500 million floating-rate notes due October 2012 and €500 million 5.25% notes due October 2012.
The bank offered the new 6.75% notes to the holders of its €500 million floating-rate notes due March 2013, €650 million 4.75% notes due September 2013, €75 million floating-rate notes due May 2017 and €35 million fixed-rate notes due June 2017.
Holders will also receive accrued interest in cash.
The amount of notes accepted for exchange, the amount of new notes to be issued and the exchange ratios are noted in the table below.
The exchange ratios are equal to the exchange price for that series of notes divided by the relevant new issue price.
In order to participate, holders had to tender at least €100,000 of the 4.75% notes or, in the case of the other series of notes, at least €50,000 of notes.
The bank will issue €109.83 million of the new 5.75% notes and €476,896,000 of the 6.75% notes in the exchange offer.
The settlement date for the exchange offer is expected to be Feb. 27.
The bank will issue an additional €25.17 million of 5.75% notes and €73,104,000 of 6.75% notes for cash, both at par.
In total, the bank will issue €135 million of 5.75% notes and €550 million of 6.75% notes.
The Vicenza, Italy-based bank said it plans to cancel pre-2009 notes accepted for exchange and to hold post-2009 notes with no intention of reissuing or reselling them.
The lead dealer manager was Royal Bank of Scotland plc (44 20 7085 8056 or liabilitymanagement@rbs.com). The dealer managers were Banca IMI SpA (39 02 7261 5362 or dcm.fig@bancaimi.com), J.P. Morgan Securities Ltd. (40 0 20 7779 2468, 44 0 20 7325 4851, FIG_syndicate@jpmorgan.com or emea_lm@jpmorgan.com), Mediobanca - Banca di Credito Finanziario SpA (39 02 8829 984 or DCM_FIG@mediobanca.it) and UBS Ltd. (44 20 7567 0525 or OL-Liability-Management@ubs.com).
The exchange agent was Lucid Issuer Services Ltd. (44 20 7704 0880 or bpvi@lucid-is.com).
Banca Popolare di Vicenza exchange offer
| Notes | Amount accepted | New notes to be issued | Exchange ratio
|
| €250 million floating-rate notes due October 2012 | €30,418,000 | €16,572,000 | 5.75% notes | 0.9925
|
| €13,612,000 | 6.75% notes | 0.9925
|
| €500 million floating-rate notes due October 2012 | €124,231,000 | €74,373,000 | 5.75% notes | 1.00
|
| €49,858,000 | 6.75% notes | 1.00
|
| €500 million 5.25% notes due October 2012 | €62.8 million | €18,885,000 | 5.75% notes | 1.01
|
| €44,537,000 | 6.75% notes | 1.01
|
| €500 million floating-rate notes due March 2013 | €104,778,000 | €104.24 million 6.75% notes | 0.99
|
| €650 million 4.75% notes due September 2013 | €256,664,000 | €257,849,000 | 6.75% notes | 1.005
|
| €75 million floating-rate notes due May 2017 | None | None | 0.75
|
| €35 million fixed-rate notes due June 2017 | €8 million | €6.8 million 6.75% notes | 0.85
|
| Total | €586,891,000 | €586,726,000
|
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