Intesa Sanpaolo starts exchange offer for nine series of notes

By Jennifer Chiou

New York, Aug. 28 - Intesa Sanpaolo SpA announced the launch of its offer to issue new tier 2 subordinated notes in exchange for nine series of existing notes.

Affected series include the following:

• €1,127,100,000 of outstanding 6.625% upper tier II subordinated notes due 2018 with an exchange price of 107.75%;

• £5.35 million of outstanding lower tier II subordinated fixed-to-floating notes due November 2017 with an exchange price of 94%;

• €220.2 million of outstanding floating-rate subordinated notes due 2018 with an exchange price of 92.5%;

• €362.05 million of outstanding lower tier II subordinated fixed-to-floating notes due 2018 with an exchange price of 95.5%;

• €167.75 million of outstanding fixed-to-floating callable lower tier II subordinated notes due 2018 with an exchange price of 91.25%;

• €478 million of outstanding fixed-to-floating callable subordinated notes due 2020 with an exchange price of 91.25%;

• £24,901,000 of outstanding lower tier II fixed-to-floating callable subordinated notes due 2024 with an exchange price of 88.75%;

• €1,447,100,000 of outstanding lower tier II subordinated notes due 2019 with an exchange price of 102.5%; and

• €1,203,150,000 of outstanding lower tier II subordinated notes due July 16, 2020 with an exchange price of 103%.

New notes

The exchange notes will be denominated in euros. They will mature in 10 years and will have a spread of 450 basis points over the 10-year euro mid-swap rate.

Intesa Sanpaolo will issue the new notes in minimum denominations of €100,000.

The company will also pay accrued interest for accepted bonds.

The offer will end at 11 a.m. ET on Sept. 5, and pricing will be set on Sept. 6.

Settlement is slated for Sept. 13.

The dealer managers are Banca IMI SpA (attn: debt capital markets at dcm.fig@bancaimi.com or 39 02 7261 5362), BNP Paribas (liability.management@bnpparibas.com or 44 207 595 8668), Credit Suisse Securities (Europe) Ltd. (liability.management@credit-suisse.com or 44 207 888 5564), Deutsche Bank AG, London Branch (attn: Liability Management at liability.management@db.com or 44 20 7545 8011) and Merrill Lynch International (attn: Liability Management/John M. Cavanagh/Tommaso Gros-Pietro, john.m.cavanagh@baml.com/tommaso.gros-pietro@baml.com or 44 20 7995 3715/2324).

Lucid Issuer Services Ltd. (attn: Thomas Choquet/Paul Kamminga, 44 20 7704 0880 or intesa@lucid-is.com) is the tender agent.

The financial services company is based in Turin, Italy.

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