Intesa Sanpaolo solicits consents from holders of two additional series of tier 1 notes

By Wendy Van Sickle

Columbus, Ohio, May 24 – Intesa Sanpaolo SpA is soliciting consents from holders of two series of notes, according to a notice.

The notes include the €750 million of 6.25% additional tier 1 notes with a call date on May 16, 2024 (ISIN: XS1614415542) and the €1.25 billion of 7.75% additional tier 1 notes with a call date on Jan. 11, 2027 (ISIN: XS1548475968).

The company is offering holders a consent fee of 20 basis points to holders who give consents to amend the relevant conditions of the notes to introduce a contractual recognition of bail-in clause that would bring the notes in line with regulations and harmonize them with the issuer’s other outstanding additional tier 1 instruments, according to the notice.

Payment of the consent fee is contingent on passing the proposed amendments, among other things.

In order to receive the consent fee holders must deliver voting instructions to the tabulation agent by 11 a.m. ET on June 1.

Meetings will be held for each series by teleconference on June 10. In order to form a quorum at the meetings, noteholders representing or holding more than half the outstanding principal amount must be represented.

BofA Securities Europe SA (+33 1 877 01057 or DG.LM-EMEA@bofa.com), Banco Santander, SA (+44 7418 70 9688, 7708 31 5191, tommaso.grospietro@gruposantander.com or alex.pilkington@gruposantander.com) and Intesa Sanpaolo SpA IMI CIB Division (+39 02 72612726 or IMILiability.Management@intesasanpaolo.com) are the solicitation agents.

Kroll Issuer Services Ltd. (+44 20 7704 0880 or intesa@is.kroll.com) is the tabulation agent.

The financial services company is based in Turin, Italy.

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