BBVA begins tender offer for lower tier 2 securities via Dutch action

By Susanna Moon

Chicago, Oct. 11 - Banco Bilbao Vizcaya Argentaria, SA said it began a cash tender offer for outstanding lower tier 2 securities by unmodified Dutch auction.

Two of the note series require the consent of holders to acquire the notes, and the company will pay an attendance fee to holders who attend meetings to amend the notes, according to a company press release.

The securities covered by the offer and their respective minimum purchase prices are laid out in the table below.

Holders also will receive accrued interest to but excluding the settlement date of Nov. 2.

The offer will run until 11 a.m. ET on Oct. 26.

The offers are intended to enhance BBVA's management of its outstanding liabilities, to strengthen BBVA's group balance sheet and to provide liquidity to holders, the release noted.

Lucid Issuer Services Ltd. (bbva@lucid-is.com or +44 0 20 7704 0880, attn.: David Shilson/Paul Kamminga/Victor Parzyjagla) is the tender agent. Morgan Stanley & Co International plc, Banco Bilbao Vizcaya Argentaria, SA and UBS Ltd. are the dealer managers.

BBVA is a financial group based in Madrid.

Issuer Issue Minimum price

BBVA €125 million subordinated notes due 2033 83%

BBVA €100 million subordinated notes due 2023 91%

BBVA €1 billion subordinated notes due 2019 86.5%

BBVA €300 million subordinated notes due 2022 81%

BBVA Global Finance, Ltd. €73 million fixed-rate notes due 2015 100%

BBVA Global Finance ¥10 billion fixed-rate notes due 2015 80%

BBVA Global Finance €40 million fixed-rate notes due 2016 100%

BBVA Global Finance €50 million subordinated floating-rate notes due 2016 83%

BBVA Global Finance €55 million subordinated floaters due 2016 83%

BBVA Global Finance €56 million subordinated floaters due 2016 83%

BBVA Subordinated Capital, SAU €250 million callable floaters due 2017 97%

BBVA Subordinated Capital €250 million callable subordinated step-up notes due 2018 90%

BBVA Subordinated Capital €20 million fixed-rate subordinated notes due 2018 98.5%

BBVA Subordinated Capital €150 million subordinated callable step-up floaters due 2020 76.5%

BBVA Subordinated Capital €100 million subordinated CMS-linked notes due 2022 65%

BBVA Subordinated Capital €50 million fixed-rate to inflation-linked subordinated notes due 2023 65%

BBVA Subordinated Capital ¥20 billion 2.75% callable fixed-rate notes due 2035 80%

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