Unione di Banche Italiane SpA's management board resolved to start exercising the mandate to increase the bank's share capital by up to €400 million.
The capital increase will be carried out in one or more tranches and through the issuance of the bank's ordinary shares, without par value, and having the same characteristics as UBI's outstanding shares. The shares will be offered to existing shareholders, pursuant to pre-emptive subscription rights, in a proportion relative to the number of shares held.
Terms of the offering, including the subscription price, number of shares to be issued, subscription ratio for the rights and exact amount of the capital increase, will be set at a later meeting of UBI's management board.
Credit Suisse and Morgan Stanley will act as joint global coordinators and joint book runners for the transaction, and have agreed to take up any unsubscribed new shares at the end of the offering, up to the full amount of the offering.
The transaction is subject to approval from Italian market regulator Consob, admission to listing of the shares and other regulatory approvals.
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