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WARSAW - Polish lender mBank S.A. announced Tuesday the launch of Tier 2 subordinated notes with a minimum size of EUR 300 million and maximum of EUR 400 million, according to a press release statement.
The notes will mature on September 25, 2035, with a call option available after 5.25 years. The securities are being issued under mBank’s Euro Medium Term Note (EMTN) Programme dated September 13, 2024.
Commerzbank AG (OTC:CRZBY) will serve as the stabilization coordinator for the offering, with Erste Group Bank AG (OTC:EBKDY), Goldman Sachs Bank Europe SE, Morgan Stanley (NYSE:MS) Europe SE, and UBS Europe SE acting as stabilizing managers. The stabilization period is expected to begin Tuesday and last no longer than 30 days after the issue date.
The notes will be listed on the Luxembourg Stock Exchange’s Regulated Market with denominations of EUR 100,000. The offer price has not yet been determined.
The stabilizing managers may over-allot securities or conduct transactions to support the market price of the securities during the stabilization period, potentially maintaining prices at levels higher than might otherwise prevail, though stabilization is not guaranteed.
mBank is one of Poland’s leading financial institutions. The bank did not specify how it plans to use the proceeds from this subordinated debt issuance.
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