Press Releases - Investors - BFF Banking Group
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Not for release, publication or distribution, directly or indirectly, in the United States of America (or for the account or benefit of "U.S. persons" as defined in Regulation S under the U.S. Securities Act of 1933), Canada, Australia or Japan or in any other jurisdiction where to do so would be unlawful.
Milan, 23rd June 2021 – BFF Bank S.p.A. (the “Issuer” or “BFF”) announces the successful completion of the tender offers on its (i) €200,000,000 2.00 per cent. Notes due 2022, of which €197,500,000 remain outstanding (XS1639097747) (the “2022 Notes”); and (ii) €300,000,000 1.750 per cent. Senior Preferred Notes due 23 May 2023 (XS2068241400) (the “2023 Notes”).
Based on the terms and conditions defined in the Tender Offer Memorandum dated 15th June 2021, the results of the tender offers are detailed below:
- The 2022 Notes were purchased for a total nominal amount of €154,701,000. Upon completion of the transaction, the 2022 Notes still outstanding will be in nominal amount equal to €42,799,000;
- The 2023 Notes were purchased for a total nominal amount of €261,031,000. Upon completion of the transaction, the 2023 Notes still outstanding will be in nominal amount equal to €38,969,000.
The results of the tender offers are made available on the the website of Euronext Dublin.
The tender offers, concluded with a higher-than-expected percentage of subscription, allow BFF to significantly accelerate the processes to ensure further funding synergies and to improve the Group’s leverage.
Pursuant to the terms and conditions defined in the Tender Offer Memorandum, the Issuer will settle for cash the amounts due for the repurchased Notes on 25th June 2021.
Citigroup Global Markets Limited and Morgan Stanley & Co. International plc acted as Dealer Managers for the tender offers, and Lucid Issuer Services Limited acted as Tender Agent.
This press release does not constitute an offer to sell securities in the United States of America. The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under any other securities laws of any state of the United States of America or in Australia, Canada or Japan, or in any other jurisdiction in which such offer or solicitation is subject to the approval of the local authorities or would, in any event, be unlawful.
The securities mentioned herein may not be offered or sold in the United States of America to, or on behalf of, or for the benefit of, a U.S. person (a “U.S. person”, as defined in Regulation S of the Securities Act), unless they are registered under the Securities Act or an exemption under the Securities Act is available.
In Member States of the European Economic Area (the “EEA”), this release is only intended for and may only be addressed to persons classified as “qualified investors” (the "Qualified Investors") pursuant to article 2(e) of Regulation (EU) 2017/1129.
This release does not constitute an offer to sell or a solicitation to purchase financial instruments. No action has been or will be taken to allow a public offering of the bonds in any jurisdiction, including Italy. This release (and the information contained herein) may not be published or distributed, directly or indirectly, in the United States of America, or in Australia, Canada or Japan, or in any other country in which such publication or distribution would be subject to the approval of the local authorities or would, in any event, be unlawful.