By Susanna Moon
Chicago, Sept. 9 - Intesa Sanpaolo SpA said holders had tendered €1,427,721,853 of nine note series in the exchange offer for new tier 2 subordinated notes that ended at noon ET on Sept. 5.
Intesa Sanpaolo will issue €1,444,789,000 of new notes in the exchange offer plus additional notes equal to €867,000, which constitute a portion of the new notes, according to a company press release. The foreign exchange rate applied to the notes denominated in sterling is equal to 1.1901.
The breakdown for the tendered nine series of notes is as follows:
• €286,500,000 of the €1,127,100,000 outstanding 6.625% upper tier II subordinated notes due 2018 with an exchange price of 107.75% and an exchange ratio of 108.7077%;
• £550,000 of the £5.35 million outstanding lower tier II subordinated fixed-to-floating notes due November 2017 with an exchange price of 94% and an exchange ratio of 94.8355%;
• €72.14 million of the €220.2 million outstanding floating-rate subordinated notes due 2018 with an exchange price of 92.5% and an exchange ratio of 93.3222%;
• €110.9 million of the €362.05 million outstanding lower tier II subordinated fixed-to-floating notes due 2018 with an exchange price of 95.5% and an exchange ratio of 96.3488%;
• €58.85 million of the €167.75 million outstanding fixed-to-floating callable lower tier II subordinated notes due 2018 with an exchange price of 91.25% and an exchange ratio of 92.0611%;
• €206 million of the €478 million outstanding fixed-to-floating callable subordinated notes due 2020 with an exchange price of 91.25% and an exchange ratio of 92.0611%;
• £12,879,000 of the £24,901,000 outstanding lower tier II fixed-to-floating callable subordinated notes due 2024 with an exchange price of 88.75% and an exchange ratio of 89.5388%;
• €395.95 million of the €1,447,100,000 outstanding lower tier II subordinated notes due 2019 with an exchange price of 102.5% and an exchange ratio of 103.4111%; and
• €281.4 million of the €1,203,150,000 outstanding lower tier II subordinated notes due July 16, 2020 with an exchange price of 103% and an exchange ratio of 103.9155%.
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.
New exchange notes
The coupon for the new 10-year euro-denominated tier 2 subordinated notes was set at 6.625% on Sept. 6, using a spread of 450 basis points over the 10-year euro mid-swap rate. The exchange notes will be denominated in euros.
The notes priced at 99.119% of par for a yield to maturity of 6.749%.
Intesa Sanpaolo will issue the new notes in minimum denominations of €100,000.
The company will also pay accrued interest for accepted bonds.
The financial services company is based in Turin, Italy.
New exchange notes
| Issuer: | Intesa Sanpaolo SpA
|
| Issue: | Tier 2 subordinated notes
|
| Amount: | €1,445,656,000
|
| Maturity: | Sept. 13, 2023
|
| Coupon: | 6.625%
|
| Price: | 99.119
|
| Yield: | 6.749%
|
| Pricing date: | Sept. 6
|
| Settlement date: | Sept. 13
|
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