Published on 12/12/2012 in the Prospect News Liability Management Daily.
Banco Popular wraps tenders for asset-backed, subordinated securities
By Jennifer Chiou
New York, Dec. 12 - Banco Popular, SA and Popular Capital, SA announced the close of its of cash tender offers for Banco Popular's asset-backed securities and subordinated securities and Popular Capital's preferred securities.
Accepted tender amounts, pricing and affected securities are listed in the tables below
Tenders were to be delivered by 11 a.m. ET on Dec. 11. Settlement is set for Dec. 14.
For series with a tender cap, Banco Popular previously said it would accept for purchase up to €3.2 million of its €54.9 million of series D asset-backed securities, €115 million of its €155.4 million of series A5(G) asset-backed securities, €10 million of its €47 million of series B asset-backed securities and €51 million of its €418.8 million of series A5(G) asset-backed securities, all guaranteed by Spain.
Participating holders will receive the total consideration and accrued periodic distributions.
Banco Popular Espanol, SA (34 91 520 7430/7431 or distribucion.renta@bancopopular.es), Credit Agricole Corporate and Investment Bank (44 20 7214 7408 or steve.sahara@ca-cib.com) and Societe Generale (44 20 7676 7579 or liability.management@sgcib.com) were the joint dealer managers.
The tender agent was Lucid Issuer Services Ltd. (44 20 7704 0880 or popular@lucid-is.com).
The Bank of Spain authorized the offers in a letter dated Nov. 16, according to a filing with the London Stock Exchange.
Banco Popular is Spain's third-largest listed bank.
| Asset-backed securities | ISIN | Outstanding | Tender amount | Tender price
|
| Series A2 | ES0347843015 | €184,189,733 | €6,162,361 | €95,000 per €100,000
|
| Series B | ES0347843023 | €28.8 million | €500,000 | €75,000 per €100,000
|
| Series D | ES0347843049 | €54.9 million | None | €55,000 per €100,000
|
| Series A5(G) | ES0347844047 | €155.4 million | None | €90,000 per €100,000
|
| Series B | ES0347844054 | €30 million | €10 million | €75,000 per €100,000
|
| Series D | ES0347844070 | €60 million | None | €50,000 per €100,000
|
| Series B | ES0347786032 | €47 million | None | €75,000 per €100,000
|
| Series C | ES0347786040 | €23 million | None | €64,000 per €100,000
|
| Series D | ES0347786057 | €45 million | €6.8 million | €57,000 per €100,000
|
| Series A5(G) | ES0347847016 | €102,364,562 | €611,059 | €95,000 per €100,000
|
|
|
| Subordinated securities
|
| Issuer | ISIN | Outstanding | Tender amount | Tender price
|
| BPE Financiaciones, SA | ES0257080004 | €78,953,000 | €110,000 | €800 per €1,000
|
| BPE Financiaciones, SA | ES0257080012 | €84.4 million | €3 million | €78,000 per €100,000
|
| Banco Popular Espanol SA | ES0213790001 | €181 million | €65.35 million | €41,000 per €50,000
|
| BPE Financiaciones, SA | XS0550098569 | €200 million | €13.05 million | €41,000 per €50,000
|
|
|
| Popular Capital, SA preferreds
|
| ISIN | Outstanding | Tender amount | Tender price
|
| DE0009190702 | €93,852,000 | €28,968,000 | €600 per €1,000 principal amount
|
| DE000A0BDW10 | €46,218,000 | €19,538,000 | €500 per €1,000 principal amount
|
| XS0288613119 | €18.25 million | €700,000 | €27,500 per €50,000
|
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