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Intesa Sanpaolo extends consent fee deadline to end of solicitation
By Marisa Wong
Los Angeles, June 2 – Intesa Sanpaolo SpA is extending the consent fee deadline under its previously announced consent solicitation for its €750 million of 6.25% additional tier 1 notes with a call date on May 16, 2024 (ISIN: XS1614415542) and €1.25 billion of 7.75% additional tier 1 notes with a call date on Jan. 11, 2027 (ISIN: XS1548475968).
To give noteholders more time to submit consent instructions that would be eligible for the consent fee, the company is extending the consent fee deadline to 11 a.m. ET on June 7 from 11 a.m. ET on June 1. The consent fee deadline now coincides with the expiration of the consent solicitation, according to an announcement on Thursday.
As announced on May 24, the company is offering 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.
Payment of the consent fee is contingent on passing the proposed amendments, among other things.
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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