BBVA Compass, a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (BBVA) announced that it has commenced an offer to purchase for cash up to $140 million in aggregate principal amount of its 5.90 percent Subordinated Notes due 2026 and its 5.50 percent Subordinated Notes due 2020.
BBVA Compass said it will purchase Securities that are validly tendered and not validly withdrawn in accordance with the priorities set forth in the Offer to Purchase.
Because the total principal amount outstanding of the 2026 Notes is less than the Maximum Tender Amount, BBVA Compass will purchase up to the total principal amount outstanding of 2026 Notes and will purchase 2020 Notes up to an amount such that the total principal amount of Securities that BBVA Compass purchases equals the Maximum Tender Amount. BBVA Compass may, in its sole discretion, increase the Maximum Tender Amount.
BBVA Compass stated that it intends to use cash on hand to pay for the Securities accepted for payment.
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