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Carige shares rally after key creditors said to take up debt swap
October 10, 2017 / 1:35 PM / 9 days ago

Carige shares rally after key creditors said to take up debt swap

MILAN, Oct 10 (Reuters) - Shares in Banca Carige jumped 9 percent on Tuesday on expectations a debt swap offer - a key part of the Italian bank’s capital raising efforts - will go through.

Sources close to the matter said earlier on Tuesday Intesa Sanpaolo and Assicurazioni Generali, which together hold just over 100 million euros ($117.87 million) in Carige’s debt, will take up its exchange offer.

Carige is offering to convert up to 510 million euros of junior debt into senior-ranking debt. It has warned its business could be at risk if its capital raising plan, which includes a new share issue for up to 560 million euros and asset disposals, does not go through.

$1 = 0.8484 euros Reporting by Andrea Mandala, writing by Valentina Za,

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