UBS To Repurchase Certain Of Its Senior Bail-in Notes In View Of Credit Suisse Acquisition

UBS AG (UBS) said on Wednesday that it has invited the holders of the 1.5 billion euros 4.625% fixed rate notes due March 2028, and 1.25 billion euros 4.750% fixed rate notes due March 2032, both of which were issued on March 17, to tender their notes for cash.

"The Issuer is offering to purchase the Notes at their respective re-offer price in light of the exceptional corporate actions announced on 19 March 2023, shortly after the issue date. the Swiss lender said in a statement.

On March 19, UBS had agreed to buy troubled rival Credit Suisse for 3 billion Swiss francs or about $3.24 billion.

For the notes due March 2028, the price payable by the bank with respect to the notes of each tranche will be 99.932 percent of the principal amount.

For the notes due March 2032, the price to be paid by the bank will be 99.518 percent.

The offers commence on March 22, with the early expiration date of March 28, and the Final expiration deadline of on April 4, 2023.

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