Credito Valtellinese in €700 Million Rights Offering

March 20, 2018

Cleary Gottlieb acted as U.S. and UK counsel to Credito Valtellinese in its recent offering of €700 million new ordinary shares at an offer price of €0.10 per share.

The new shares were offered to existing shareholders of the bank in a rights offering in Italy and to institutional investors abroad, including qualified institutional buyers in the United States. The transaction closed on March 20, 2018.

The rights offering was fully underwritten by a consortium that included Mediobanca—Banca di Credito Finanziario S.p.A., Banco Santander S.A., Barclays Bank PLC, Citigroup Global Markets Limited, Credit Suisse Securities (Europe) Limited, Commerzbank Aktiengesellschaft, Société Générale, Banca Akros S.p.A., Equita SIM S.p.A., Keefe, Bruyette & Woods (acting through Stifel Nicolaus Europe Limited), and MAINFIRST Bank AG. In addition, Algebris (UK) Limited, Credito Fondiario S.p.A., and Dorotheum GmbH & Co KG agreed to act as sub-underwriters of any remaining new shares up to a maximum amount of €55 million. The rights offering was fully subscribed without triggering the underwriting commitment of the consortium or the sub-underwriters.

Credito Valtellinese is an Italian bank, headquartered in Sondrio, with a domestic network of 439 branches and 3,964 employees as of September 30, 2017. Founded in 1908, Credito Valtellinese offers financing, bancassurance and investment products targeting retail and corporate clients.