October 10, 2017 / 9:09 AM / a year ago

Intesa, Generali take up Carige's debt exchange offer - sources

MILAN, Oct 10 (Reuters) - Banca Carige’s creditors Assicurazioni Generali and Intesa Sanpaolo have taken up a debt exchange offer which is a key plan of the Genoa-based bank’s capital raising efforts, sources close to the matter said.

Carige has offered to convert a 160 million euro ($190 million) Tier 1 bond at 30 percent of its nominal value and three Tier 2 bonds worth a combined 350 million euros at 70 percent. Investors have until Oct. 11 to tender their notes at those prices and receive in exchange a five-year senior bond.

Carige has said that its business could be at risk if its capital raising plan, which includes a new share issue for up to 560 million euros and asset disposals in addition to the debt swap, does not go through.

Intesa and Generali are estimated to hold together a little more than 100 million euros worth of Carige’s junior debt. (Reporting by Gianluca Semeraro, writing by Valentina Za)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below