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UniCredit plans €500 million sale of equity-linked certificates convertible to Bank Pekao shares
By Stephanie N. Rotondo
Seattle, Dec. 8 – UniCredit SpA has launched a €500 million offering of 0% equity-linked certificates mandatorily settled in ordinary shares of Bank Pekao SA, according to a press release.
The securities are expected to be sold at 85.35% to 86.35% of the reference amount.
Morgan Stanley & Co. LLC, UBS Securities LLC and UniCredit CIB are the joint bookrunners.
Once issued, the certificates have 10,000 underlying shares each.
Unless previously redeemed or converted, the issue will mandatorily convert on Dec. 15, 2019. The minimum settlement price will be determined by the volume weighted average price as of Dec. 9, converted into euros. The maximum settlement price is expected to be a premium of 15% to 17%.
Proceeds will be used for general corporate purposes.
UniCredit is a Milan, Italy-based bank.
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