Banca IFIS announces a bond Tender Offer
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- Tender Offer - Documents
- 2.2, REGEM
Venice (Mestre), 3 December 2018 – Banca IFIS (rating Fitch BB+, Outlook stable) announces the launch of a partial tender offer, denominated Public Tender Offer, addressed to the holders of the 2 per cent. Senior Preferred Unsecured Notes, due 24 April 2023 (ISIN Code XS1810960390) issued in April 2018 in an aggregate principal amount of Euro 300 million, under the Euro Medium Term Note Programme. The Public Tender Offer commencing today will last for five days and will terminate on 7 December 2018, unless extended at the discretion of the Issuer, subject to the terms and conditions contained in the Tender Offer Memorandum dated 3 December 2018.
The maximum acceptance amount is up to Euro 100 million in principal amount of Notes.
The launch notice relating to the Tender Offer is available on the website http://www.ise.ie/.
UBS Limited and UniCredit Bank AG are acting as Dealer Managers.
The purpose of the transaction is to provide the current holders of the Notes with the possibility to divest at better conditions compared to the current conditions of the secondary market, also due to the strong liquidity position of the Bank. The Liquidity Coverage Ratio (LCR) is, as of 30 September 2018, above 2,000% and as of the same date the Bank had liquidity reserves for Euro 1.3 billion.
The transaction will allow the Issuer to manage its overall wholesale funding, whilst maintaining a prudent approach to liquidity.
The results of the offer will be communicated to the market in the following days.
More information is available online at www.bancaifis.it at the page Investor Relations.