September 29, 2017 / 12:04 PM / 9 months ago

Carige bondholder Unipol ready to take up debt swap offer-source

MILAN, Sept 29 (Reuters) - Insurer Unipol , which holds subordinated bonds worth 75 million euros issued by Banca Carige, intends to take up a debt swap offer launched by the troubled lender to help boost its capital base, a source close to Unipol said on Friday.

“Unipol looks favourably at the efforts being made by the bank’s shareholders and management and is inclined to adhere to the LME (liability management exercise),” the source said.

Carige set the terms of the debt swap offer, which envisages the conversion of its junior debt into senior bonds, on Friday as part of efforts to raise capital by the end of the year.

Bank Intesa Sanpaolo and insurer Generali are also holders of Carige’s junior debt.

Reporting by Andrea Mandala, writing by Silvia Aloisi

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