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Italian lender Creval raises roughly €582M in cash call

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Italian lender Creval raises roughly €582M in cash call

Italian lender Credito Valtellinese SpA said roughly 83% of 6,996,605,613 new ordinary shares that it issued as part of a €700 million capital increase has been sold.

During the offer period from Feb. 19 to March 8, rights were exercised for 5,816,053,200 new shares at a subscription price of 10 cents per share.

The bank intends to sell the remaining 1,180,552,413 new shares, worth approximately €118.1 million, on the Italian Stock Exchange through Mediobanca, its sole global coordinator on the cash call, between March 13 and March 19 at the same price. The sale period will be extended to March 20 if the rights are not taken up in full during the first two trading sessions.

Rights may be exercised through authorized financial intermediaries holding accounts with Monte Titoli SpA.

Creval noted that prior to the offer period, a panel of guarantors comprising sole global coordinator and joint book runner Mediobanca; co-global coordinators and joint book runners Banco Santander, Barclays, Citigroup Global Markets Ltd. and Credit Suisse; senior joint book runners Commerzbank and Société Générale; joint book runners Banca Akros, Equita SIM and Keefe Bruyette & Woods; and co-lead manager MainFirst, signed sub-underwriting agreements with Algebris (UK) Ltd., Credito Fondiario SpA and Dorotheum GmbH & Co KG to take up any unsold shares for €55 million.