DEPFA ACS BANK DAC
DEPFA ACS BANK DAC: Buyback of subordinated debt and sale of assets
DEPFA ACS BANK DAC (-)
Ad Hoc Announcement – For immediate release RE: Agreement by DEPFA BANK plc and its two funding vehicles, DEPFA Funding II LP and DEPFA Funding III LP, to repurchase and cancel Euro 1,060,000,000 of subordinated debt funded by the sale of public sector assets from the DEPFA Group. 15 November 2019 Issued on behalf of DEPFA ACS BANK DAC (‘DEPFA ACS‘) as a subsidiary of DEPFA BANK plc (‘DEPFA PLC‘) collectively ‘DEPFA‘, in respect of the outstanding listed debt instruments identified below. This announcement may include a communication of inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.
EURO 700m Preferred Securities: In January 2015 FMS-Wertmanagement AöR (‘FMS-WM‘) launched a tender offer inviting holders of the 6.5% Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities of DEPFA Funding II LP (‘Funding II‘) (ISIN: XS0178243332) and holders of the Fixed Rate/Variable Rate Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities of DEPFA Funding III LP (‘Funding III‘) (ISIN: DE000A0E5U85) (collectively, the ‘Preferred Securities‘) to tender those securities for purchase by FMS-WM. In the tender offer, which ended on 18 May 2015, 90.5% and 87.9% of the holders of the Preferred Securities of Funding II and Funding III respectively were tendered to and purchased by FMS-WM. At a bondholder meeting of the Preferred Securities on 20 May 2015 a clear majority voted in favour of facilitating the purchase by DEPFA of all Preferred Securities that were not tendered to and purchased by FMS-WM. Since these events, Euro 361,897,000 and Euro 263,554,000 (in nominal amount) of the Preferred Securities of Funding II and Funding III respectively are held by FMS-WM and Euro 38,103,000 and 36,446,000 (in nominal amount) are held by DEPFA PLC. EURO 360m Subordinated Loans: In September 2010 FMS-WM, as part of the German State rescue of the HRE Group, acquired the interest in 3 subordinated loan agreements, originally issued by Hypo Public Finance Bank and taken over by DEPFA BANK plc in March 2008, in the total nominal amount of Euro 360,000,000 (the ‘360m Subordinated Loans‘ together with the Preferred Securities, the ‘Euro 1,060m Subordinated Debt‘). Agreement Buyback of the Euro 1,060m Subordinated Debt from, and sale of public sector assets to, FMS-WM Funding for the buyback by the DEPFA Group will be generated by the sale of approximately Euro 1,048.5m (in nominal value) of certain assets (including public sector assets) to FMS-WM. Approximately Euro 200.5m (in nominal value) of the assets included in the sale will be provided by DEPFA PLC and approximately Euro 848m (in nominal value) by DEPFA ACS. FMS-WM and the wind down of the DEPFA Group
For FMS-WM: |
ISIN: | DE000A0BCLA9 |
Category Code: | MSCH |
TIDM: | – |
LEI Code: | 6LIRQ1CRLFL6PQWR8919 |
Sequence No.: | 29627 |
EQS News ID: | 914433 |
End of Announcement | EQS News Service |