Monte dei Paschi Investors Swap Junior Bonds for Shares
December 02 2016 - 2:50PM
Dow Jones News
ROME—Troubled lender Banca Monte dei Paschi Siena SpA said late
Friday a group of junior bondholders agreed to swap more than €1
billion ($1.07 billion) worth of debt they owned with shares in the
bank as part of a recapitalization plan it is carrying out to stay
afloat.
The bank offered the option to swap junior bonds, the riskiest
debt it issued, this week to both retail and institutional
investors as it tries to raise €5 billion in fresh capital.
It said the figure is preliminary and it will unveil the final
numbers on the offer on Monday.
The debt-to-equity swap is the first part of the
recapitalization plan the bank is implementing, which includes a
large equity investment by one or more cornerstone investors and a
public offer of new shares.
Write to Giovanni Legorano at giovanni.legorano@wsj.com
(END) Dow Jones Newswires
December 02, 2016 14:35 ET (19:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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