Abanca starts tender offer for any and all perpetual tier 1 securities

Chicago, July 5 – Abanca Corporacion Bancaria SA started a tender offer on Wednesday for any and all of its €250 million outstanding perpetual non-cumulative additional tier 1 preferred securities (ISIN: ES0865936001), according to a filing with the CNMV.

The bank is offering par for the securities which have a first optional redemption date on Oct. 2. Any accrued and unpaid distribution through the settlement date will also be paid.

The preferred securities were originally issued on Oct. 2, 2018.

The offer is being made subject to the satisfaction of a new financing condition of at least €250 million of additional tier 1 preferred securities. Tendering holders may be given priority allocation in the new offering. Pricing is expected to take place on July 11.

The offer expires at 11 a.m. ET on July 11. Results will be announced on July 12.

Settlement is expected no later than July 14.

The purpose of the tender offer is to manage the bank’s tier 1 capital position, improve its credit profile and optimize its future interest expense.

Tenders will not be prorated.

Credit Agricole CIB is the dealer manager (+44 207 214 5903, liability.management@ca-cib.com).

Kroll Issuer Services Ltd. is the information agent (+44 207 704 0880, https://deals.is.kroll.com/abanca).

The issuer is a Spanish bank based in Galicia.

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