Iccrea Banca begins tender offer for €600 million 1½% notes due 2022

By Marisa Wong

Los Angeles, Nov. 8 – Iccrea Banca SpA announced it has begun a tender offer to purchase for cash any and all of its €600 million 1½% notes due Oct. 11, 2022 (ISIN: XS1696459731).

The offer will expire at 11 a.m. ET on Nov. 15.

The purchase price will be calculated based on a purchase yield of negative 0.25%. Based on a settlement date of Nov. 17, the purchase price would be €1,015.77 per €1,000 principal amount.

The company will also pay accrued interest to but excluding the settlement date.

The company also announced on Monday that it intends to issue, subject to market conditions, a series of new euro-denominated fixed-rate notes under its €3 billion euro medium-term note program.

The tender offer is conditioned on the issue and settlement of the new notes.

When consideration allocation of the new notes, the company may give preference to noteholders who participate in the tender offer.

The dealer managers for the tender offer are Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), Intesa Sanpaolo SpA Divisione IMI CIB (+39 02 7261 4704, IMIliability.management@intesasanpaolo.com), Mediobanca – Banca di Credito Finanziario SpA (+39 02 8829 240, MB_DCM_FIG_MTN@mediobanca.com, MB_Liability_Management_FIG@mediobanca.com), Raiffeisen Bank International AG (+43 1 71707 1039, rbi-tm@rbinternational.com) and UBS Europe SE (+44 20 7568 1121, ol-liabilitymanagement-eu@ubs.com).

Lucid Issuer Services Ltd. (+44 20 7704 0880, iccreabanca@lucid-is.com) is the tender agent.

The bank is based in Rome.

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