Banco Comercial Portugues gives results in tender for nine series

By Jennifer Chiou

New York, June 29 - Banco Comercial Portugues, SA announced the final results of its previously announced tender offer for nine series of notes.

The bank said that it accepted tenders for €356,401,000 of its €1.25 billion of floating-rate notes due 2014. It will pay a fixed price of 86% of par plus accrued interest.

The remaining notes series were part of an unmodified Dutch auction.

Banco Comercial Portugues said it accepted the following mortgage-backed floating-rate notes:

• €621,256.86 of Magellan Mortgages No. 2 plc's €186,980,220 of class A notes due 2036;

• €360,000 of Magellan Mortgages No. 2's €40 million of class B notes due 2036;

• €6.1 million of Magellan Mortgages No. 2's €25 million of class C notes due 2036;

• None of Magellan Mortgages No. 2's €5 million of class D notes due 2036;

• €99,456,008.54 of Magellan Mortgages No. 3 plc's €549,113,223.80 of class A notes due 2058;

• €7,012,572.35 of Magellan Mortgages No. 3's €16,492,983.80 of class B notes due 2058;

• €3,420,767 of Magellan Mortgages No. 3's €7,696,725.80 of class C notes due 2058; and

• €13,609,765.85 of Magellan Mortgages No. 3's €17,959,026.80 of class D notes due 2058.

The offer ended at 11 a.m. ET on June 28. Settlement will occur on July 3.

The dealer managers were Deutsche Bank AG, London Branch (+44 20 7545 8011, attn: liability management group, or e-mail liability.management@db.com) and UBS Ltd. (+44 207 567 0525, attn: liability management group, or e-mail ol-liability-management@ubs.com). The tender agent was Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Thomas Choquet/Yves Theis, or e-mail bcp@lucid-is.com).

The Lisbon-based bank launched the offer on June 20.

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