Recomend this page

Thank you, we sent your recommendation to the desired recipient.

Sorry, this functionality is not available right now.
Please try with this link. Thank you.

Offer for the partial repurchase of Senior Notes issued by UniCredit

26 May 2014 - h 19:22 Price sensitive

Financial

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON LOCATED OR RESIDENT IN, THE UNITED STATES OF AMERICA OR IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS OR TO ANY PERSON LOCATED OR RESIDENT IN CANADA, AUSTRALIA OR JAPAN OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

THE ITALIAN PRESS RELEASE SHALL PREVAIL ON THE ENGLISH VERSION.

OFFER FOR THE PARTIAL REPURCHASE OF SENIOR NOTES ISSUED BY UNICREDIT, UP TO A NOMINAL VALUE OF EURO 2.5 BILLION

OFFERING PERIOD FROM 29 MAY 2014 TO 10 JUNE 2014, SUBJECT TO ANY EARLY TERMINATION, EXTENSION, OR REOPENING OF THE OFFER

SETTLEMENT DATE: 13 JUNE 2014

(subject to there being additional settlement dates, in the event of any Extension or Reopening of the Offering Period)

UniCredit S.p.A. ("UniCredit" or the "Offeror") is announcing that it intends to launch a voluntary tender offer for the partial repurchase of some of the notes issued by itself (the relevant notes, the "Existing Notes"), up to a maximum nominal amount of Euro 2,500,000,000 which compares to a total amount outstanding of the Existing Notes, as at 23 May 2014, of Euro 5,983,074,000 (the "Tender Offer", or the "Transaction").

The Transaction will allow the Offeror to optimise the profile of its debt, reducing excess liabilities and modifying their distribution over time, with a view also to reducing the concentration of bonds maturing in the two years ending 2017. In addition, it will enable the Offeror to make efficient use of its available liquidity.

The following table sets forth the Existing Notes covered by the Offer.

Name	ISIN code	Total amount outstanding (in Euros)1
_{UniCredit S.p.A. 2010-2016 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 2.20 per cent. p.a. and a cap of 4.10 per cent. p.a. - Series 01/10}	IT0004557218	655,467,000
_{UniCredit S.p.A. 2010-2016 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 2.10 per cent. p.a. and a cap of 4.00 per cent. p.a. - Series 02/10}	IT0004565781	668,809,000
_{UniCredit S.p.A. 2010-2016 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 2.00 per cent. p.a. and a cap of 4.10 per cent. p.a. - Series 06/10}	IT0004587496	567,551,000
_{UniCredit S.p.A. 2010-2016 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 2.35 per cent. p.a. and a cap of 4.00 per cent. p.a. - Series 15/10}	IT0004620867	383,445,000
_{UniCredit S.p.A. 2010-2016 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 2.50 per cent. p.a. and a cap of 5.00 per cent. p.a. - Series 21/10}	IT0004644602	857,373,000
_{UniCredit S.p.A. 2011-2017 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 2.65 per cent. p.a. and a cap of 5.00 per cent. p.a. - Series 02/11}	IT0004669575	1,363,337,000
_{UniCredit S.p.A. 2011-2017 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 3.10 per cent. p.a. and a cap of 6.00 per cent. p.a. - Series 03/11}	IT0004680804	493,942,000
_{UniCredit S.p.A. 2011-2017 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 3.47 per cent. p.a. and a cap of 5.00 per cent. p.a. - Series 12/11}	IT0004708472	498,737,000
_{UniCredit S.p.A. 2011-2017 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 3.135 per cent. p.a. and a cap of 5.00 per cent. p.a. - Series 17/11}	IT0004725914	340,460,000
_{UniCredit S.p.A. 2011-2017 six-year notes with variable quarterly coupons linked to Euribor 3 months with a floor of 3.10 per cent. p.a. and a cap of 5.00 per cent. p.a. - Series 21/11}	IT0004740350	153,953,000

[1] "Total amount outstanding" means the nominal value of the Existing Notes net of the nominal value of such notes held by UniCredit S.p.A. as at 23 May 2014.

The Offer will be brought upon the terms, and subject to the conditions, set forth in the tender offer memorandum, which will be made available to holders of the Existing Notes through publication on the Offeror's website, at https://www.unicreditgroup.eu/en/investors/offerta-riacquisto-obbligazioni-senior.html, no later than the beginning of the offering period (as described below) (the "Tender Offer Memorandum").

Pursuant to the combined provisions of article 101-bis, paragraph 3-bis, of Legislative Decree No. 58 of 24 February 1998, as amended (the "Italian Financial Act"), and article 35-bis, paragraph 4, of the Implementing Measures of the Italian Financial Act, adopted by CONSOB under its Resolution 11971 of 14 May 1999, as amended, the Offer is exempt from the application of the rules governing public tender and exchange offers set forth in the aforementioned primary and secondary legislation.

The offering period will begin on 29 May 2014 (inclusive), at 9.30 am, and end on 10 June 2014 (inclusive), at 4.00 pm, unless it is terminated early, there is an extension, or the Offer is reopened (the "Offering Period").

The price for the repurchase of each series of Existing Notes will be announced by the Offeror by 9.30 am on the first day of the Offering Period, and indicated in the Tender Offer Memorandum.

Where Existing Notes are tendered and accepted under the Offer, their Holders will receive consideration comprised as follows (the "Consideration"): (A) (i) the repurchase price for the relevant series of Existing Notes, as determined by the Offeror and set forth in the Tender Offer Memorandum, multiplied by (ii) the aggregate nominal value of the Existing Notes of the relevant series tendered for acceptance under the Offer, and settled by UniCredit (plus, where relevant, the repurchase price due in relation to any other series of Existing Notes tendered and accepted under the Offer by the same investor, calculated in the same way); and (B) (i) the interest accrued on each Existing Note tendered and repurchased by the Offeror under the Offer, from the most recent interest payment date for the relevant series of Existing Notes (inclusive), to the Settlement Date under the Offer (exclusive) (the "Accrued Interest"), multiplied by (ii) the aggregate nominal value of the Existing Notes of the relevant series tendered for acceptance under the Offer, and settled by UniCredit.

The settlement date will be 13 June 2014 (the "Settlement Date"), also in the event of the Offering Period's early termination. In the event of the Offering Period's extension or the reopening of the Offer, the Offeror will set an appropriate settlement date for settlement of the tenders it has received in the course of that extension or reopening of the Offer, while the date for settlement of tenders received in the Offering Period will remain 13 June 2014, as originally established.

Persons intending to tender Existing Notes into the Offer should contact the intermediaries with whom such Existing Notes are deposited, in the manner and during the hours that ordinarily apply for accessing the services those intermediaries provide. Such intermediaries will assemble tenders through the compilation and execution of application forms, and such forms will be submitted to the Offeror through the intermediary responsible for coordinating the tender applications, which is Citibank N.A., Milan branch. For further information on the terms governing the tender of Existing Notes, please refer to the Tender Offer Memorandum.

In the event that as a result of tenders received, the nominal value of the Existing Notes validly tendered exceeds Euro 2.5 billion, the Offeror will be entitled to (i) proceed, in any event, with the purchase of the Existing Notes validly tendered, even if their amount exceeds that notional upper limit; or (ii) make an allocation between the tender offers received, upon the terms and conditions set forth in the Tender Offer Memorandum.

The Offeror will be able to withdraw the Offer if, at any time up to 9.00 am on the Settlement Date, at a national or international level, one of the following condition occurs (such condition, the "MAC Condition"): (a) extraordinary events or circumstances from which there derive, or may derive, serious alterations in the political, financial, economic, currency or market situation, that have, or may have, material adverse effects in relation to the Offer; (b) events or circumstances that worsen, or may as a consequence of the Offer cause the worsening of, the Offeror's balance sheet, income or cash-flow situation, or its tax, regulatory, corporate or legal situation, relative to that indicated by the draft consolidated financial statements as at and for the year ended 31 December 2013; or (c) regulatory changes that limit, or otherwise prejudice, the purchase of the Existing Notes, or the exercise of the rights of title thereto or the other rights inherent therein.

The Offer will be brought in Italy, to the express exclusion of the United States of America, Canada, Japan and Australia, and of any other State in which this Offer is not permitted in the absence of authorisation from relevant authorities.

This press release is for information purposes only. For the terms and conditions of the Offer, a description of the risk factors pertaining thereto, and information on potential conflicts of interest that UniCredit has in relation to the Offer, please refer to the Tender Offer Memorandum, which will be made available, together with the other documents relating to the Offeror mentioned therein, online at https://www.unicreditgroup.eu/en/investors/offerta-riacquisto-obbligazioni-senior.html by the beginning of the Offering Period.

UniCredit is being advised in relation to the Offer by UniCredit Bank AG, Milan branch, and by Bonelli Erede Pappalardo - Studio Legale, as financial advisor and legal advisor, respectively.

Milan, 26 May 2014

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Offer. If you are in any doubt as to the contents of this announcement or the Tender Offer Memorandum or the action you should take, you are recommended to seek your own financial and legal advice, including in respect of any tax consequences. Any individual or company whose Existing Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to tender the Existing Notes to the Offer. None of the financial advisor, the tender agent or the Offeror makes any recommendation as to Offer.

OFFER AND DISTRIBUTION RESTRICTIONS Neither this announcement nor the Tender Offer Memorandum constitute an offer to buy or a solicitation of an offer to sell Existing Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities laws or otherwise. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions (in particular, the United States, Canada, Australia, and Japan) may be restricted by law. Persons into whose possession this announcement or the Tender Offer Memorandum comes are required by the Offeror to inform themselves about, and to observe, any such restrictions.

THE ITALIAN PRESS RELEASE SHALL PREVAIL ON THE ENGLISH VERSION.