Carige's debt conversion over 79% (2)

Troubled bank expects offer to come to fruition

Carige's debt conversion over 79% (2)

Milan, October 12 - Troubled Italian lender Banca Carige said Thursday that between 79.17% and 99.4% of holders of four different types of bond had signed up to a debt-conversion offer that is a key part of its drive to raise capital, according to preliminary results. Carige said that, as a result, it expects its offer to convert up to 510 million euros of junior debt into senior notes will come to fruition. "Given that all the offers for exchange include also an instruction to vote in favour of the resolutions to be proposed at the meetings of the noteholders to be held on 21 October 2017 (the "Meetings") pursuant to the consent solicitation, we expect that each of Meetings will be quorate, that the relevant extraordinary resolutions will successfully pass at those Meetings and that therefore no adjournment will be required," the bank said in a statement. "The settlement of the LME (Liability Management Exercise) remains conditional upon the successful outcome of the capital raising exercise to be launched by the Bank in the month of November 2017 after having obtained the relevant authorisation by Consob".

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