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UniCredit prices Extendible Note for $ 4.5 bln

UniCredito Italiano, through its Irish subsidiary UniCredito Italiano Bank (Ireland) p.l.c., has priced an Extendible Note for a total amount of US$ 4.5 billion.
The deal, lead by Merrill Lynch as sole bookrunner and by UniCredit Banca Mobiliare and HVB Corporates & Markets as joint lead managers, represents the largest extendible deal priced by a bank in the US market.
This landmark extremely successful transaction follows the US$ 2 billion inaugural extendible offering priced in February 2006; the deal marks another important success for the new UniCredit Group in the US market. The final order book size reached US$ 6.5 billion.
The note offers a coupon stepping up by 1bps every year (excluding the fifth) from $Libor + 0.01% in the first year (achieving 5 years funding at a blended cost of 1-month $Libor +2.8bps).


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