MPS expects to raise 1,043 billion euros from the upcoming operation on subordinated bonds, i.e. the purchase offer and the subsequent conversion into new shares. The Bank explains it in the explanatory note requested by Consob on the issues that will be addressed tomorrow during the extraordinary meeting. Meeting for which yesterday the quorum of 20% necessary to resolve on the proposed capital increase of up to 5 billion euro requested by the European Supervisory Authority was reached.
Returning to the bonds, the offer concerns securities for a total nominal value of 4,289 billion. In detail, Montepaschi expects 57% adhesion on perpetual bonds (At1), for a consideration of 221 million, 34% on Lower Tier2 subordinated bonds (614 million) and 10% on Upper Tier2 subordinated bonds (208 million). .
Furthermore, Monte dei Paschi writes that the out-of-pocket costs of the restructuring operation will be equal to 448 million euros. In particular, the capital increase will cost 170 million, the securitization 69 million, the conversion of the subordinated bonds 22 million, the business plan 2 million, other items 6 million, then another 179 million relating to the securitization-loss of two subordinated loans.
