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Monte dei Paschi raises about €2B in debt swap offer

Banca Monte dei Paschi di Siena SpA said Dec. 21 that participation in its debt swap offer totaled €2.45 billion and it therefore expects to raise a maximum of €2.07 billion from the exercise.

The securities tendered in the offer, which closed the same day, amounted to a total of €1.94 billion in nominal value, for total purchase proceeds of €1.95 billion.

Participation of institutional investors amounted to €1.39 billion, of which the participation of holders of FRESH 2008 notes amounted to an aggregate nominal amount of bonds equal to €510.6 million for an aggregate consideration of €118.5 million.

Participation in the retail offer amounted to €1.07 billion.

The troubled lender also said Dec. 21 that no anchor investor has materialized for its share sale, Reuters reported the same day. Monte dei Paschi looks set for a state bailout, with Italy's government receiving approval from the lower house of parliament to borrow as much as €20 billion for a potential banking sector rescue.