Austria’s Bawag tenders for €300 million subordinated notes due 2023

By Susanna Moon

Chicago, June 28 – Bawag Group AG is tendering for the €300 million subordinated notes due 2023 issued by subsidiary Bawag PSK Bank until 11 a.m. ET on July 6.

Pricing will be set at 5 a.m. ET on July 9 using the October 2023 interpolated mid-swap rate plus 110 basis points.

Holders also will receive accrued interest to but excluding the settlement date.

The offer is being made as part of the group's liquidity management, according to an announcement.

The dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com) and Morgan Stanley & Co. International plc (+44 20 7677 7799 or liabilitymanagement.europe@morganstanley.com).

The tender agent is Citibank, NA, London Branch (+44 207 508 3867 or Citiexchanges@citi.com).

Bawag operates as a bank holding company based in Vienna, Austria.

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