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Intesa Sanpaolo begins any-and-all tender offer for perpetual notes
By Marisa Wong
Los Angeles, Aug. 31 – Intesa Sanpaolo SpA announced a cash tender offer for any and all of its €750 million additional tier 1 perpetual notes with a first call date on May 16, 2024 (ISIN: XS1614415542), according to a news release.
The issuer is offering to purchase the notes at 100.25, plus accrued interest.
The offer expires at 11 a.m. ET on Sept. 7.
Settlement is expected to be on Sept. 11.
The tender offer is being made simultaneously with an offering of new fixed-rate reset perpetual additional tier 1 notes in a nominal amount of not less than €750 million. The tender offer is conditioned on completion of the new notes offering; however, this new issue condition may be waived at the issuer’s discretion.
Holders who participate in the tender offer who wish to subscribe for the new notes may be given priority in allocation of the new notes.
The company said that the tender offer will provide liquidity for investors tendering their existing notes, with the concurrent opportunity to redeploy funding into its proposed new notes.
BofA Securities Europe SA (+33 187701057; dg.lm-emea@bofa.com), Intesa Sanpaolo SpA (+39 02 7261 4755/5040; IMI-liability.management@intesasanpaolo.com) and Morgan Stanley & Co. International plc (+44 2076775040; debt_advisory@morganstanley.com) are acting as the global coordinators for the offer and also dealer managers alongside Barclays Bank Ireland plc (eu.lm@barclays.com; +44 20 3134 8515), Citigroup Global Markets Europe AG (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Deutsche Bank AG (+44 20 7545 8011), Goldman Sachs International (+44 20 7774 4836; liabilitymanagement.eu@gs.com) and UBS Europe SE (+44 20 7568 1121; ol-liabilitymanagement-eu@ubs.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi / Alessandro Zorza; intesa@is.kroll.com; https://deals.is.kroll.com/intesa) is the tender agent.
The financial services company is based in Turin, Italy.
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