Banco Popular plans to price €400 million 8% three-year convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 16 - Banco Popular Espanol, SA plans to launch a €400 million offering of 8% three-year convertible bonds on Friday, according to a bank press release.

The convertibles will be issued through subsidiary Popular Capital, SA and distributed through Banco Popular's branch network.

The offering can be increased to up to €500 million

The bonds will be convertible on each anniversary of the settlement date, and the conversion price will be set using the average of the bank's share prices on the last five trading days prior to conversion.

The Madrid-based bank said the aim of the offering is to bolster its core capital.

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