logo
Share SHARE
FONT-SIZE Plus   Neg

Credit Suisse Announces Tender Offer To Repurchase Tier 1 & Tier 2 Securities

Credit Suisse (CS) announced a tender offer to repurchase certain outstanding tier 1 and tier 2 securities up to an aggregate amount in cash equivalent to CHF 4 billion.

Credit Suisse has mandated Credit Suisse Securities (Europe) Ltd. as offeror and dealer manager in this transaction.

Based on its strong liquidity and capital position, Credit Suisse unviled a tender offer to repurchase some of its public tier 1 and tier 2 instruments.

Credit Suisse said its main objective is to pro-actively align its capital structure with the proposed Swiss and Basel III regulations and is consistent with Credit Suisse's practice of efficient capital management. It allows the bank's tier 1 and tier 2 investors to sell holdings in capital securities, which over time will be replaced by new capital instruments.

David Mathers, CFO of Credit Suisse Group, said, "This is another important step for Credit Suisse and its investors in transitioning to the new regulatory regime. Credit Suisse continues to take a proactive approach to satisfy the new capital requirements, aimed at transitioning its capital structure well in advance of the required implementation dates.."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Google is planning to significantly expand a carpool service on its navigational app Waze, according to a report in the Wall Street Journal. The move indicates the company is edging closer to a potential clash with ride-hailing service Uber Technologies Inc. Private equity firm Sycamore Partners has won the bankruptcy auction for the e-commerce business and intellectual property of U.S. women's apparel retailer The Limited with a bid of $26.8 million, Reuters reported, citing people familiar with the matter. A U.S. bankruptcy court judge must now approve the sale to Sycamore Partners. French telecommunications operator Orange SA reported Thursday higher net profit in its fiscal year 2016 mainly on income from discontinued operations. Operating income, meanwhile, declined, despite increased revenues. For fiscal 2017, the company projects higher adjusted EBITDA, a key earnings metric.
comments powered by Disqus
Follow RTT