Novo Banco begins tender offer for 8½% notes due 2028

By Marisa Wong

Los Angeles, May 22 – Novo Banco, SA announced a tender offer for its €400 million 8½% fixed-rate reset callable subordinated notes due 2028 (ISIN: PTNOBFOM0017), according to a notice.

Novo Banco is offering to purchase the notes at par plus accrued interest.

The company is offering to purchase up to a maximum acceptance amount that is expected to be equal to the aggregate principal amount of new notes that it plans to issue. The company announced on Monday that it intends to sell new fixed-rate reset callable subordinated tier 2 euro-denominated notes due 2033.

The tender offer is conditioned on the new notes issuance. Pricing of the new notes is expected to occur prior to the expiration of the tender offer.

The company will give preference in allocation of the new notes to holders who participate in the tender offer.

The tender offer expires at 11 a.m. ET on May 30.

Results will be announced on May 31.

Settlement is slated for June 1.

Credit Suisse Bank (Europe), SA (+44 20 7883 8763; liability.management@credit-suisse.com) and J.P. Morgan SE (+44 20 7134 2468; liability_management_EMEA@jpmorgan.com) are dealer managers for the tender offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880 or novobanco@is.kroll.com) is the tender and information agent.

Novo Banco is a bank based in Lisbon.

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