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Banca Carige debt swap offer nears full subscription

Banca Carige SpA said bondholders have agreed to exchange approximately €455.2 million of four series of subordinated bonds amounting to €510 million into five-year senior notes under a debt swap that forms part of the lender's capital-raising efforts.

Preliminary results of the Italian bank's liability management exercise show that holders of a €50 million bond due 2020 have fully tendered their notes under the debt swap, while more than 90% of a €100 million bond due 2018 and a €160 million bond due 2018 have also been tendered. Nearly 80% of a €200 million bond due 2020 will also be exchanged to senior notes, which will have a 5% coupon.

Settlement of the liability management exercise depends on the success of a capital raise to be launched by the bank in November. Given the amount of notes already tendered under the debt swap, Banca Carige said it expects bondholders to approve the mandatory conversion of the notes, Reuters reported Oct. 12.