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Popolare di Vicenza completes global offering

Banca Popolaredi Vicenza SpA said April 30 that 6,683 investors submittedsubscription requestsfor approximately €114.9 million, or 7.66% of its global offering, at 10 cents per share.

Specifically, as part of the Italian public offering, 6,673investors placed subscription requests for approximately €38.5 million, and aspart of the institutional offering, 10 institutional investors submittedsubscription requests for about €76.5 million.

Italy's newly created bank rescue fund Atlante willsub-underwrite all the unsubscribed shares under the global offering—13,850,514,380 shares at the offer price of 10 cents apiece — forapproximately €1.39 billion, accounting for 92.34% of the global offering.

The global offering is subject to the Borsa Italiana'sauthorization for the commencement of trading of the bank's shares. If approvalis garnered, trading is expected to commence May 4, and the Atlante fund wouldhold a shareholding of 91.72% in the share capital of the bank.

Should Borsa Italiana not issue its authorization, thesubscription requests submitted under the global offering will lapse and theAtlante fund will underwrite 15 billion shares at the offer price of 10 centsper share, amounting to €1.50 billion, or 100% of the global offering, and willend up with a shareholding of 99.33% in the bank's share capital.  

The global offering is coordinated and led by joint globalcoordinators BNP Paribas, Deutsche Bank AG, London branch, J.P. MorganSecurities Plc, Mediobanca - Banca di Credito Finanziario SpA and UniCreditSpA, which also act as joint book runners for the institutional placement.

UniCredit is also acting as sponsor for the listing on theMTA and as lead manager for the public offering.

In relation to the transaction, the bank is being advised byVitale & Co. as financial adviser, by Studio BonelliErede as legal adviserfor Italian law and by White & Case as legal adviser for U.S. and Englishlaw.