By Susanna Moon
Chicago, March 15 - Banco Santander Totta, SA said it began a tender offer for three series of mortgage-backed floating-rate notes issued by HipoTotta.
The bank plans to purchase the notes under a modified Dutch auction at the following minimum prices:
• 78% of par for the €1,053,200,000 class A floaters due 2034 issued by HipoTotta No. 1 plc;
• 68% of par for the €2,616,040,000 class A floaters due 2048 issued by HipoTotta No. 4 plc; and
• 65% of par for the €1,693,000,000 class A2 floaters due 2060 issued by HipoTotta No. 5 plc.
The purchase price for each series will be at or above the minimum purchase price and will be the lowest price that will allow the bank to accept the notes in that series for purchase.
The details of the notes, including amortized amount outstanding, pool factor and coupon, are listed in the table below.
Pricing for the offer will be set on March 25.
Holders also will receive accrued interest.
As of March 15, the bank holds the following amounts:
• €722.8 million principal amount of No. 1 notes, with an amortized principal amount outstanding of €141,527,709.44;
• €726.04 million principal amount of No. 4 notes, or €304,717,277.62 of amortized principal amount outstanding; and
• €356.95 million principal amount of No. 5 notes, or €198,258,249.33 of amortized principal amount outstanding.
The offers are part of the bank's management of its balance sheet and capital structure and will also provide liquidity to holders, according to a press release by the Lisbon, Portugal-based bank.
| Notes | Amortized amount | Pool factor | Coupon
|
| No. 1 notes | €206,221,615.36 | 0.195804800000 | Euribor plus 27 basis points
|
| Euribor plus 54 bps (after Dec. 30, 2012)
|
|
|
| No. 4 notes | €1,097,945,825.22 | 0.419697644233 | Euribor plus 12 bps
|
| Euribor plus 24 bps (after Dec. 30, 2014)
|
|
|
| No. 5 notes | €940,331,183.96 | 0.555423026556 | Euribor plus 13 bps
|
| Euribor plus 26 bps (after Dec. 28, 2014)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
