DGAP-News: Commerzbank announces measure to further strengthen its capital structure
(firmenpresse) - DGAP-News: Commerzbank AG / Key word(s): Miscellaneous
Commerzbank announces measure to further strengthen its capital
structure
05.12.2011 / 08:29
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Commerzbank announces measure to further strengthen its capital structure
- Offer for repurchase of hybrid capital instruments (Trust Preferred
Securities)
- Transaction will result in an increase of the Bank's Core Tier 1 capital
As another step in its capital management, Commerzbank AG today announced
that it is offering investors in selected hybrid equity instruments (Trust
Preferred Securities) issued by companies of the Commerzbank Group to
repurchase these instruments against cash consideration. Holders of the
Trust Preferred Securities are invited to submit a tender offer to
Commerzbank at a fixed tender price. The Offeror currently intends to
accept tenders up to an aggregate amount in cash to be spent on tendered
Trust Preferred Securities equivalent to EUR 600 mn (the 'Total Funds
Available'). In the event that tender offers of Trust Preferred Securities
exceed this amount, tender offers will be accepted according to a
pro-ration factor as determined in the Tender Offer Memorandum. The tender
offer period starts on December 5, 2011 and is expected to end on December
13, 2011. Joint Dealer Managers are Commerzbank, Credit Suisse and J. P.
Morgan.
The aggregate principal amount of all Trust Preferred Securities
outstanding and included in the tender offer amounts to approximately EUR
2.23 bn.
The offer includes the following Trust Preferred Securities issued by
companies of the Commerzbank Group:
Instrument / Aggregate nominal amount outstanding* / ISIN /
Minimum Liquidation Preference Amount / Purchase price /
Order of Priority**
Commerzbank Capital Funding Trust I EUR 644,700,000 DE000A0GPYR7
EUR 50,000 52.5% 1
Commerzbank Capital Funding Trust II GBP 516,750,000 XS0248611047 GBP
50,000 51.0% 1
Eurohypo Capital Funding Trust I EUR 503,662,000 XS0169058012
EUR 1,000 51.0% 1
Commerzbank Capital Funding Trust III EUR 256,685,000 DE000CK45783
EUR 1,000 47.0% 2
Eurohypo Capital Funding Trust II EUR 220,096,000 DE000A0DZJZ7
EUR 1,000 40.0% 2
* Trust Preferred Securities currently outstanding and not held within the
Commerzbank Group.
** Tendered securities will be accepted with order of priority.
The transaction marks another step in optimising Commerzbank's capital
structure in light of the transition to the new regulatory requirements of
Basel III. Execution of the transaction will have a one-off positive effect
on the consolidated results of the Bank pursuant to IFRS and will result in
an increase of Core Tier 1 capital.
The Tender Offers are made on the terms and subject to the conditions
contained in the offer to purchase dated December 5, 2011 (Tender Offer
Memorandum). The Tender Offer Memorandum is available from the Dealer
Managers.
Press contact:
Reiner Rossmann +49 69 136 46646
Maximilian Bicker +49 69 136 28696
*****
About Commerzbank
Commerzbank is a leading bank for private and corporate customers in
Germany. With the segments Private Customers, Mittelstandsbank, Corporates&Markets, Central&Eastern Europe as well as Asset Based Finance, the
Bank offers its customers an attractive product portfolio, and is a strong
partner for the export-oriented SME sector in Germany and worldwide. With a
future total of some 1,200 branches, Commerzbank has one of the densest
networks of branches among German private banks. It has above 60 sites in
more than 50 countries and serves more than 14 million private clients as
well as 1 million business and corporate clients worldwide. In 2010, it
posted gross revenues of EUR 12.7 billion with some 59,000 employees.
*****
Disclaimer
This release contains statements concerning the expected future business of
Commerzbank, efficiency gains and expected synergies, expected growth
prospects and other opportunities for an increase in value of the company
as well as expected future net income per share, restructuring costs and
other financial developments and information. These forward-looking
statements are based on the management's current expectations, estimates
and projections. They are subject to a number of assumptions and involve
known and unknown risks, uncertainties and other factors that may cause
actual results and developments to differ materially from any future
results and developments expressed or implied by such forward-looking
statements. Commerzbank has no obligation to periodically update or release
any revisions to the forward-looking statements contained in this release
to reflect events or circumstances after the date of this release.
End of Corporate News
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05.12.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Commerzbank AG
Kaiserplatz
60261 Frankfurt am Main
Germany
Phone: +49 (069) 136 20
Fax: -
E-mail: ir(at)commerzbank.com
Internet: www.commerzbank.de
ISIN: DE0008032004
WKN: 803200
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, SIX, Stuttgart;
Terminbörse EUREX; London
End of News DGAP News-Service
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148564 05.12.2011
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