By Angela McDaniels
Tacoma, Wash., April 14 - Banco BPI, SA accepted €106,745,646.74 amortized principal amount outstanding of notes in its tender offer for 10 series of notes issued by Sagres Sociedade de Titularizacao de Creditos, SA, according to a filing with the London Stock Exchange.
Holders tendered €358,325,416.77 amortized principal amount outstanding of notes in the offer, which began April 3 and ended at 11 a.m. ET on April 11. The settlement date is expected to be April 16.
The results are noted in the first table below. The second table displays the original principal amount of notes issued, the amounts already held by BPI, the pool factor and the accrued interest amounts.
Holders will receive the sum of (a) the purchase consideration, which was calculated as the product of (i) the aggregate original principal amount of notes accepted for purchase times (ii) the applicable pool factor prevailing as the settlement date and (iii) the relevant purchase price or, in the case of a non-competitive tender instruction, the minimum purchase price, plus (b) accrued interest.
The notes had to be tendered in integral multiple amounts of €50,000 for the Douro Mortgages No. 1 note series and €1,000 for all others.
Notes that were not successfully tendered for purchase will remain outstanding.
The notes are redeemable at the option of the issuer in certain circumstances, including on or after the relevant step-up date, which is Sept. 3, 2014 for the No. 1 notes, Oct. 21, 2015 for the No.2 notes and Aug. 21, 2016 for the No. 3 notes.
The dealer managers were Banco BPI (351 213101170 or debtcapitalmarkets@bancobpi.pt), Citigroup Global Markets Ltd. (44 0 20 7986 8969 or liabilitymanagement.europe@citi.com) and Deutsche Bank AG, London Branch (44 0 20 7545 8011 or liability.management@db.com). The tender agent was Banco BPI (351 222075803, 351 222075832 or corporate.actions@bancobpi.pt) is also the tender agent.
Lisbon-based Sagres Sociedade de Titularizacao de Creditos is a special-purpose vehicle established to issue asset-backed securities. Banco BPI, based in Porto, Portugal, is a private financial group and commercial bank.
Offer results
Notes Original principal amount accepted Amortized principal amount accepted Total purchase price
Douro Mortgages No. 1 mortgage-backed floating-rate securitization notes due June 2056
Class A €42.25 million €11,889,168.67 €11,132,131.14
| Class B | None | None | None
|
| Class C | €12 million | €4,139,919.09 | €3,062,160.15
|
| Class D | €250,000 | €86,248.31 | €60,373.82
|
| Douro Mortgages No. 2 mortgage-backed floating-rate securitization notes due 2059
|
| Class A1 | None | None | None
|
| Class A2 | €140 million | €69,446,718.10 | €63,769,448.90
|
| Class B | None | None | None
|
| Class C | None | None | None
|
| Class D | €4 million | €1,984,191.94 | €1,280,299.85
|
| Douro Mortgages No. 3 mortgage-backed floating-rate securitization notes due 2060
|
| Class A | €33.5 million | €19,199,400.62 | €17,557,422.02
|
|
|
| Offer background
|
| Series | Original principal amount | Amount BPI owns | Pool factor | Interest
|
| Douro Mortgages No. 1
|
| Class A | €1,434,000,000 | €244 million | 0.281400488 | €16.32
|
| Class B | €24.75 million | €11.45 million | 0.344993376 | €17.41
|
| Class C | €22.5 million | €10.5 million | 0.344993373 | €21.02
|
| Class D | €18.75 million | €11.5 million | 0.34499337 | €28.24
|
| Douro Mortgages No. 2
|
| Class A1 | €315 million | €92.61 million | 0.017528186 | €41.56
|
| Class A2 | €1,125,000,000 | €446.35 million | 0.496048086 | €52.18
|
| Class B | €27.75 million | €9.75 million | 0.496048073 | €55.72
|
| Class C | €18 million | €3 million | 0.496048067 | €62.81
|
| Class D | €14.25 million | €6.9 million | 0.496048063 | €92.32
|
| Douro Mortgages No. 3
|
| Class A | €1,441,500,000 | €353.7 million | 0.573116485 | €33.53
|
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