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BRIEF-Banca Carige launches bond swap to boost capital base
September 29, 2017 / 7:27 AM / 18 days ago

BRIEF-Banca Carige launches bond swap to boost capital base

Sept 29 (Reuters) - Banca Carige says:

* approves conditions for liability management exercise

* offering to convert Tier 1 bonds at 30 percent of nominal value

* offering to convert Tier 2 bonds into senior debt at 70 percent of nominal value

* will issue senior debt as part of conversion offer at par with coupon of 5 percent, 5-year maturity

* conversion offer starts on Friday, notes must be delivered within 7 working days of launch

* bonds targeted by offer are Tier 1 due 2018, Tier 2 due in 2020 and 2018

* delivery within 7 working days can be carried out at exchange prices, otherwise exchange price falls to 25 percent of nominal value for Tier 1, to 65 percent for Tier 2 Further company coverage: Source text for Eikon: (Reporting by Milan newsroom)

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