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Intesa, Generali take up Carige's debt exchange offer - sources
October 10, 2017 / 9:07 AM / a month ago

Intesa, Generali take up Carige's debt exchange offer - sources

MILAN, Oct 10 (Reuters) - Banca Carige’s creditors Assicurazioni Generali and Intesa Sanpaolo have taken up a debt exchange offer which is a key plan of the Genoa-based bank’s capital raising efforts, sources close to the matter said.

Carige has offered to convert a 160 million euro ($190 million) Tier 1 bond at 30 percent of its nominal value and three Tier 2 bonds worth a combined 350 million euros at 70 percent. Investors have until Oct. 11 to tender their notes at those prices and receive in exchange a five-year senior bond.

Carige has said that its business could be at risk if its capital raising plan, which includes a new share issue for up to 560 million euros and asset disposals in addition to the debt swap, does not go through.

Intesa and Generali are estimated to hold together a little more than 100 million euros worth of Carige’s junior debt. (Reporting by Gianluca Semeraro, writing by Valentina Za)

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