BBVA orders conversion of €2 billion of mandatory convertible bonds

By Susanna Moon

Chicago, June 23 - Banco Bilbao Vizcaya Argentaria, SA announced a mandatory conversion of its €2 billion of mandatory convertible subordinated bonds on July 15.

The conversion price will be the average of the closing prices of BBVA stock on the Spanish securities exchanges' SIBE system on the five trading days prior to July 15, so that the issue price of the new shares is the market price of BBVA shares, according to a bank press release.

BBVA's board of directors made the decision at its meeting on June 22.

The convertibles were issued on Sept. 30, 2009.

The Bilbao, Spain-based bank's stock closed at $11.40 (NYSE: BBVA) on June 22.

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