Banca Popolare di Sondrio accepts €108.72 million tendered 2029 notes

By Marisa Wong

Los Angeles, March 12 – Banca Popolare di Sondrio SCpA announced the final results of its March 4 tender offer for any and all of its €200 million fixed-rate reset subordinated notes due July 30, 2029 (ISIN: XS2034847637).

The issuer will accept for purchase all €108,719,000 of notes tendered by the expiration of the offer at noon ET on March 11, according to a Tuesday announcement.

The issuer will purchase the notes at 101 plus accrued interest.

Settlement is expected to be on March 13.

The Regulation S offer is subject to a new financing condition. Banca Popolare expects to issue €300 million of new fixed-rate reset subordinated notes due March 2034 on March 13.

After settlement of the tender offer, €91,281,000 of the 2029 notes will remain outstanding.

BofA Securities Europe SA (+33 1 87 70 10 57, DG.LM-EMEA@bofa.com), Intesa Sanpaolo SpA (+39 02 7261 6502, IMI-liability.management@intesasanpaolo.com) and UBS Europe SE (ol-liabilitymanagement-eu@ubs.com) are the dealer managers.

Morrow Sodali Ltd. (+44 20 4513 6933, +39 06 4521 2811, popso@investor.morrowsodali.com, https://projects.morrowsodali.com/popso) is the information and tender agent.

The lender is based in Sondrio, Italy.

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