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Published on 2/29/2012 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Slovenia's Abanka Vipa begins Dutch auction tender offer for floaters

By Angela McDaniels

Tacoma, Wash., Feb. 29 - Abanka Vipa dd began a tender offer for its €350,589,000 of outstanding floating-rate notes due 2012, according to a bank filing with the London Stock Exchange.

The bank plans to accept no more than €200 million of notes for repurchase.

The purchase price will be set through a modified Dutch auction. The minimum price is €1,001 per €1,000 principal amount of notes, and the maximum price is €1,004 per €1,000 principal amount of notes.

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

The bank will accept offers to sell in the following order:

• All non-competitive offers will be accepted first, subject to possible proration;

• All competitive offers that specify offer prices lower than the applicable purchase price will be accepted second; and

• All competitive offers that specify offer prices equal to the applicable purchase price will be accepted third, subject to possible proration.

The offer will expire at 10 a.m. ET on March 8. Pricing will be set at 8 a.m. ET on March 9. The settlement date is expected to be no later than March 13.

The Ljubljana, Slovenia-based bank said it decided to carry out the tender offer in order to balance its maturity profile and to reduce its funding costs.

The tender offer is not being made in the United States.

The dealer managers are Erste Group Bank AG (43 50100 84024 or syndicate@erstegroup.com) and UniCredit Bank AG (49 89 378 14182 or martina.knorrek@unicreditgroup.de). The tender agent is Bank of New York Mellon (44 20 7964 4958 or debtrestructuring@bnymellon.com).


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