Published on 9/12/2012 in the Prospect News Liability Management Daily.
UniCredit tenders for 22 floater series via unmodified Dutch auction
By Susanna Moon
Chicago, Sept. 12 - UniCredit SpA said it began a tender offer for several series of floating-rate notes by unmodified Dutch auction.
The residential mortgage-backed and asset-backed floaters covered by the tender offer, along with the bond factor, tender cap and minimum purchase price, are listed in the tables below.
The offer began on Sept. 11 and will run until 11:30 a.m. ET on Sept. 24.
Settlement is expected to occur on Sept. 27.
The company also will pay accrued interest.
The dealer managers are Morgan Stanley & Co. International plc (attn.: liability management group, +44 0 207 677 5040 or email liabilitymanagementeurope@morganstanley.com), Unicredit Bank AG (attn.: Jurgen Neumuth, +49 89 378 14255 or email Juergen.neumuth@unicreditgroup.de; attn.: Paolo Montresor, +44 207 8266502 or email Paolo.montresor@unicredit.eu).
The tender agent is Bondholder Communications Group LLC (attn.: Anne Bolton, +44 20 7382 4580, fax +44 20 7069 9239 or email abolton@bondcom.com).
The tender offer is part of the company's strategic goal to optimize its balance sheet structure and to support its main securitization programs by offering investors the possibility to tender their notes in exchange for cash, according to a company press release.
UniCredit SpA is Milan, Italy-based financial holding company.
| Residential mortgage-backed floating-rate notes | Bond factor | Tender cap | Minimum purchase price
|
| €2.06 billion class A2 floaters due 2033 | 27.18% | €85.6 million | €47,750
|
| €52 million class B floaters due 2033 | 100.00% | €14 million | €42,500
|
| €119.2 million class C floaters due 2033 | 100.00% | €27.8 million | €34,000
|
| €1,892,000,000 class A2 floaters due 2035 | 42.07% | €115 million | €45,875
|
| €45.7 million class B floaters due 2035 | 100.00% | €10.3 million | €35,500
|
| €96 million class C floaters due 2035 | 100.00% | €18.1 million | €28,000
|
| €1,735,000,000 class A2 floaters due 2042 | 51.79% | €121.1 million | €43,750
|
| €75 million class B floaters due 2042 | 100.00% | €12.5 million | €28,500
|
| €25 million class C floaters due 2042 | 100.00% | €5.1 million | €25,000
|
| €48 million class D floaters due 2042 | 100.00% | €7 million | €18,500
|
| €2,227,600,000 class A2 floaters due 2040 | 42.29% | €138.5 million | €93,000
|
| €738.6 million class A3 floaters due 2040 | 100.00% | €120.5 million | €73,750
|
| €71.1 million class B floaters due 2040 | 100.00% | €15.7 million | €60,000
|
| €43.8 million class C floaters due 2040 | 100.00% | €9.1 million | €54,000
|
| €102 million class D floaters due 2040 | 100.00% | €14.8 million | €43,000
|
| €682 million class A1 floaters due 2043 | 21.27% | €20.6 million | €855
|
| €951.6 million class A floaters due 2043 | 25.44% | €46.4 million | €77,000
|
|
|
| Asset-backed floating-rate notes | Bond factor | Tender cap | Minimum price
|
| €1,736,000,000 class A1 floaters, series 2007-1, due 2047 | 27.35% | €90.1 million | €43,250
|
| €126 million class B floaters due 2024 | 100.00% | €23.9 million | €47,875
|
| €160 million class B floaters due 2026 | 100.00% | €29 million | €89,500
|
| €150 million class B floaters due 2028 | 100.00% | €19.6 million | €73,000
|
| €749 million class A2 floaters due 2025 | 29.29% | €46.7 million | €5,750
|
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