Caixa Geral accepts tenders for €903.8 million covered bonds in offer

By Susanna Moon

Chicago, March 19 - Caixa Geral de Depoositos, SA said holders tendered €903.8 million of two series of notes in the tender offer that expired at 1 p.m. ET on March 16.

The bank said on March 5 that it was tendering for up to €750 million of the notes but has decided to accept all notes tendered under the offer.

The breakdown for the tendered amount is as follows:

• €292.6 million of Caixa Geral's €1 billion of 3.625% public sector covered bonds due July 2014, including €12.05 million accepted under the domestic offer; and

• €611.2 million of Caixa Geral's €2.15 billion of 3.875% covered bonds due December 2016. €15.45 million accepted under the domestic offer.

The issuer will pay 94 for the 3.625% bonds and 87 for the 3.875% bonds.

Holders also will receive accrued interest up to but excluding the settlement date, which is March 21.

The tender offer is being made as part of the bank's active management of its outstanding liabilities and capital, according to a press release.

The positive impact on the bank's results will have a positive impact on its core tier 1 capital, optimizing its capital structure under the most recent regulatory recommendations, the release continued.

The dealer managers are Caixa - Banco de Investimento, SA (attn: DCD/Rui Amaral, e-mail: rui.amaral@caixabi.pt or +351 2138 96 821), Morgan Stanley & Co. International plc (liabilitymanagementeurope@morganstanley.com or +44 (0) 207 677 5040), Deutsche Bank AG, London Branch (liability.management@db.com or +44 207 545 8011) and UBS Ltd. (OL-Liability-Management@ubs.com or +44 207 567 0525).

The tender agent is Caixa - Banco de Investimento, SA (e-mail: nop3_caixabi_settlements@caixabi.pt or +351 21 313 7350/7339), and the information agent is Lucid Issuer Services Ltd. (attn: Yves Theis/Thomas Choquet Tel: +44 (0) 20 7704 0880 Email: cgd@lucid-is.com).

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