Credit Suisse offers to repurchase debt worth about 3,000 million
Credit Suisse Group announced this Friday a series of offers through Credit Suisse International to repurchase certain senior debt securities and a cash amount of up to approximately €3,028 million. Specifically, the entity is making a cash takeover bid for eight senior debt securities denominated in euros or pounds sterling for a total consideration of up to €1,000 million.
At the same time, Credit Suisse is also announcing a separate all-cash tender offer for 12 US dollar-denominated senior debt securities for a total consideration of up to €2,028 million. The offers will expire on November 3, 2022 and November 10, 2022respectively, and will be subject to the terms and conditions set forth in the offer documents.
“The transactions are consistent with our proactive approach to managing our overall composition of liabilities and optimize interest expense and they allow us to take advantage of market conditions to repurchase debt at attractive prices”, explained the bank.