Novo Banco has already achieved 73.4% of the debt repurchase offer goal

Novo Banco’s creditors have already accepted to exchange 4.6 billion euros in bonds. This amount represents almost 75% of the goal set by the institution for the success of the debt repurchase operation launched two months ago.

The bank headed by António Ramalho aims to repurchase around 6.2 billion euros in debt — the term that needs to be met in order to conclude the sale to Lone Star.

By now, Novo Banco already holds bonds with a 4,603 million euros’ nominal value, which correspond to 73.4% of the goal, the bank stated in a press release sent to CMVM. This means that there are still 1.6 billion euros of bonds left to be purchased.

Novo Banco explains they obtained bonds at the amounted nominal value of 4,075 million euros by approving 16 debt lines which were voted in both General Assemblies, the last of which ended this morning in London. The first meeting was held on September 8, but only 37% of the goal had been assured.

In parallel, aside from the amount obtained from the acceptance of both AG’s offer, another part has been obtained through the voluntary acceptance from investors, which increased to 4.6 billion euros the amount Novo Banco was able to repurchase.

The transition bank recalls that creditors who did not yer accept selling those bonds are allowed to do so until 6 p.m. of next Monday, October 2. There are 20 lines still opened.