By Angela McDaniels
Tacoma, Wash., April 17 - Banco BPI, SA began a tender offer for three series of mortgage-backed floating-rate securitization notes issued by Sagres Sociedade de Titularizacao de Creditos, SA, according to a filing with the London Stock Exchange.
The notes eligible for the offer are noted in the table below.
Holders will receive the product of (a) the original principal amount of their tendered notes, (b) the applicable pool factor as of the settlement date and (c) the relevant purchase price. Holders will also receive accrued interest.
The amortized principal amount and pool factor of the Douro Mortgages No. 2 notes will be reset following the April 23 interest payment date.
The tender offer will end at 11 a.m. ET on April 26. The settlement date is expected to be April 30.
As of April 17, Banco BPI holds €92.8 million original principal amount of the Douro Mortgages No. 1 notes, €260,885,000 original principal amount of the Douro Mortgages No. 2 notes and €136.4 million original principal amount of the Douro Mortgages No. 3 notes.
The dealer managers are Banco BPI (+351 213101170 or debtcapitalmarkets@bancobpi.pt), Citigroup Global Markets Ltd. (+44 (0)20 7986 8969 or liabilitymanagement.europe@citi.com) and Deutsche Bank AG, London Branch (+44 (0)20 7545 8011 or liability.management@db.com). Banco BPI is acting as tender agent (+351 222075803, +351 222075832 or corporate.actions@bancobpi.pt).
Banco BPI is a Porto, Portugal-based commercial bank. It is the originator and servicer of the notes. Sagres is a special-purpose vehicle based in Lisbon and incorporated for the purpose of issuing asset-backed securities.
Banco BPI tender offer for Sagres notes
| Notes | Original principal | Amortized principal | Pool factor | Purchase price
|
| amount | amount outstanding
|
| Douro Mortgages No. 1 class A | €1,434,000,000 | €482,809,772.37 | 0.3366874 | 75%
|
| Douro Mortgages No. 2 class A2 | €1,125,000,000 | €646,164,324.44 | 0.5743683 | 73%
|
| Douro Mortgages No. 3 class A | €1,441,500,000 | €932,574,753.75 | 0.6469475 | 72%
|
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