Banca Ifis, Liability Management Exercise in relation to the subordinated NC5 Tier 2 2017/2027 notes with a nominal value of EUR 400 million

Inside information

Mestre (Venice), 16 September 2022 – Banca Ifis announces the launch of a Liability Management Exercise in relation to the euro denominated subordinated Tier 2 notes with ISIN XS1700435453, which has a nominal value of EUR 400 million, 10-year maturity, and was issued on 17 October 2017, as an alternative to the exercise of the notes’ early redemption option scheduled for 17 October 2022.

The LME will be carried out by means of a voluntary public purchase and exchange offer, exclusively for the holders of the notes, on their entire outstanding nominal value which amounts to EUR 400 million. Specifically, the Bank will offer the holders:

  • The option to exchange up to EUR 250 million of the euro denominated subordinated NC5 Tier 2 2017/2027 notes for a new euro denominated subordinated NC5.25 Tier 2 2022/2032 notes; or, if adhesion to the LME exceeds EUR 250 million
  • A cash consideration amount at par, equal to the portion exceeding EUR 250 million.

The Bank aims at refinancing the existing indebtedness represented by the existing notes and confirming that its capital ratios are well above than the relevant regulatory requirements and capital guidance.

The transaction has been authorised by the Bank of Italy.

Holders who are eligible to adhere to the LME are advised to carefully read the terms and conditions outlined in the attached Launch Announcement that will be available in the Investor Relations section on Banca Ifis’ website and in the Exchange Offer Memorandum. Investors who adhere to the LME should consider the intermediaries’ timeline for the notes’ delivery.

The Bank has appointed Banco Santander S.A. and UBS Europe SE as Structuring Advisors and Joint Dealer Managers and Unicredit Bank AG, Deutsche Bank Aktiengesellschaft, Intesa Sanpaolo S.p.A., and J.P.Morgan SE as Joint Dealer Managers.