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Dow Jones News
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DEPFA BANK plc: Buyback of subordinated debt and sale of assets

DEPFA BANK plc (81MS) 
DEPFA BANK plc: Buyback of subordinated debt and sale of assets 
15-Nov-2019 / 12:47 CET/CEST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
*Ad Hoc Announcement* - For immediate release 
 
RE: *Agreement by DEPFA BANK plc and its two funding vehicles, DEPFA Funding 
II LP and DEPFA Funding III LP, to repurchase and cancel Euro 1,060,000,000 
of subordinated debt funded by the sale of public sector assets from the 
DEPFA Group.* 
 
15 November 2019 
 
Issued on behalf of DEPFA BANK plc ('*DEPFA PL**C*' or collectively with its 
subsidiary DEPFA ACS BANK DAC ('*DEPFA ACS*'), 'together *DEPFA*'),in 
respect of the outstanding listed debt instruments identified below. This 
announcement may include a communication of inside information for the 
purposes of the Market Abuse Regulation (EU) No. 596/2014. 
 
*Issuer*  *ISIN*       *Stock Exchange * 
DEPFA PLC XS0217459105 London 
DEPFA PLC XS0221470486 London 
 
_Background_ 
 
EURO 700m Preferred Securities: In January 2015 FMS-Wertmanagement AöR 
('*FMS-WM*') launched a tender offer inviting holders of the 6.5% Guaranteed 
Non-voting Non-cumulative Perpetual Preferred Securities of DEPFA Funding II 
LP ('*Funding II*') (ISIN: XS0178243332) and holders of the Fixed 
Rate/Variable Rate Guaranteed Non-voting Non-cumulative Perpetual Preferred 
Securities of DEPFA Funding III LP ('*Funding III*') (ISIN: DE000A0E5U85) 
(collectively, the '*Preferred Securities*') to tender those securities for 
purchase by FMS-WM. In the tender offer, which ended on 18 May 2015, 90.5% 
and 87.9% of the holders of the Preferred Securities of Funding II and 
Funding III respectively were tendered to and purchased by FMS-WM. At a 
bondholder meeting of the Preferred Securities on 20 May 2015 a clear 
majority voted in favour of facilitating the purchase by DEPFA of all 
Preferred Securities that were not tendered to and purchased by FMS-WM. 
Since these events, Euro 361,897,000 and Euro 263,554,000 (in nominal 
amount) of the Preferred Securities of Funding II and Funding III 
respectively are held by FMS-WM and Euro 38,103,000 and 36,446,000 (in 
nominal amount) are held by DEPFA PLC. 
 
EURO 360m Subordinated Loans: In September 2010 FMS-WM, as part of the 
German State rescue of the HRE Group, acquired the interest in 3 
subordinated loan agreements, originally issued by Hypo Public Finance Bank 
and taken over by DEPFA BANK plc in March 2008, in the total nominal amount 
of Euro 360,000,000 (the '*360m Subordinated Loans*' together with the 
Preferred Securities, the '*Euro 1,060m* *Subordinated Debt*'). 
 
_Agreement _ 
 
Buyback of the Euro 1,060m Subordinated Debt from, and sale of public sector 
assets to, FMS-WM 
Following the approval by the boards of FMS-WM and DEPFA, and the approval 
of the Central Bank of Ireland as financial regulator of DEPFA, the parties 
have entered into an agreement for the buyback by DEPFA PLC, Funding II and 
Funding III of the Euro 1,060m Subordinated Debt. 
 
Funding for the buyback by the DEPFA Group will be generated by the sale of 
approximately Euro 1,048.5m (in nominal value) of certain assets (including 
public sector assets) to FMS-WM. Approximately Euro 200.5m (in nominal 
value) of the assets included in the sale will be provided by DEPFA PLC and 
approximately Euro 848m (in nominal value) by DEPFA ACS. 
 
Purchase prices 
The buyback and cancellation by Funding II and Funding III of the Preferred 
Securities and the buyback and termination of the 360m Subordinated Loans 
will take place on a reverse enquiry basis. The pricing of the buyback of 
the Euro 1,060m Subordinated Debt and the sale of the public sector assets 
will be conducted on an arm's length basis and assessed at fair market 
values determined as of close of business today for trading 18 November 2019 
with settlement on 21 November 2019. A final price validation for the 
transactions will be performed by an independent third party. 
 
_FMS-WM and the wind down of the DEPFA Group_ 
 
FMS-WM is the parent company of DEPFA PLC. FMS-WM was established in 2010 as 
a German state owned wind down agency in order to wind up risk positions and 
non-strategic operations in a manner aimed at maximizing the value of the 
relevant assets. FMS-WM took ownership of DEPFA PLC in December 2014. The 
strategy of DEPFA PLC is to continue to wind down its balance sheet and 
those of its subsidiaries in a manner designed to maintain value. Completion 
of the transaction identified in this announcement is a further step in the 
wind down plan of the DEPFA Group. 
 
*Media Contacts for DEPFA and FMS-WM* 
 
For DEPFA: 
Rachel Martin 
Head of Communications 
Tel.: +353 1 792 2144 
rachel.martin@depfa.com 
 
For FMS-WM: 
Frank Hessel 
Tel.: +49 (0) 89 / 9547627-647? 
E-Mail: frank.hessel@fms-wm.de 
 
ISIN:          DE000A0AUJ90 
Category Code: MSCH 
TIDM:          81MS 
LEI Code:      HRRVUBV0XN84YQZT6245 
Sequence No.:  29626 
EQS News ID:   914429 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

November 15, 2019 06:47 ET (11:47 GMT)

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