Banco BPM S.p.A. ("Banco BPM" or the "Offeror") announces the final results of the cash repurchase offer (the "Offer") for all or part of its perpetual bond loan "?300,000,000 Additional Tier 1 Notes" (ISIN no. XS1984319316, the "Existing Bonds"). At the expiration of the Offer, the total nominal amount of Existing Bonds validly offered for repurchase amounted to ?223,345,000, which represents approximately 74.45% of the total nominal amount of Existing Bonds in circulation (?300,000,000).
In accordance with the terms and conditions of the Offer, Banco BPM intends to accept the repurchase of the Existing Bonds for the entire nominal value validly offered, amounting to ?223,345,000. The repurchase of the Existing Bonds was carried out simultaneously with the issuance of a new perpetual Additional Tier 1 fixed-rate reset bond denominated in euros for a total nominal amount of ?300,000,000 (the "New Bonds").
The terms of the New Bonds, the settlement of which took place on November 24, 2023, are as follows: Issuer: Banco BPM S.p.A.
Issue Rating: B+ / BH (Fitch / DBRS Morningstar) Amount: ?300,000,000 ISIN: IT0005571309 Launch Date: November 17, 2023 Settlement Date: November 24, 2023 Maturity: perpetual (duration linked to Banco BPM S.p.A.'s duration) First Reset Date: May 24, 2029 Issuer's Call: any business day during the six-month period from November 24, 2028 (inclusive) to the First Reset Date (inclusive), and each subsequent Interest Payment Date Spread: 6.673% (no step-up) Coupon: 9.500% p.a., non-cumulative, payable semi-annually in arrears until the First Reset Date and subsequently reset every 5 years at a rate equal to the sum of the Spread and the 5-year Mid-Swap Rate, said sum converted from an annual basis to a semi-annual basis Ex-Date of the first coupon: May 24, 2024 Issue Price: 100% Listing: Luxembourg Stock Exchange, Euro MTF
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