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Portugal's Novo Banco says reached goal for bond swap
October 4, 2017 / 8:17 AM / 2 months ago

Portugal's Novo Banco says reached goal for bond swap

LISBON, Oct 4 (Reuters) - Portugal’s state-rescued Novo Banco has reached its goal for bondholders’ acceptance of a discounted bond buyback, which is a key condition for the completion of the agreed sale of the lender to U.S. investment fund Lone Star.

The bank said in a statement it had received orders for the early redemption of 4.743 billion euros of bonds, a sufficiently large amount to allow the bank to boost its capital ratios by 500 million euros.

Reporting By Axel Bugge

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