Banco Bilbao Vizcaya Argentaria, S.A. and BBVA Privanza International (Gibraltar) Limited Announce Pricing of Tender Offer for Series D Preference Shares and American Depositary Shares of BBVA Privanza International (Gibraltar) Limited
MADRID, Spain, Jan. 26 /PRNewswire-FirstCall/ -- Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBV) ("BBVA") and its subsidiary, BBVA Privanza International (Gibraltar) Limited ("BBVA Gibraltar"), today set the pricing for their cash tender offer for any and all of BBVA Gibraltar's Non-cumulative Guaranteed Preference Shares, Series D (the "Series D Preference Shares") and American Depositary Shares ("ADSs") (CUSIP No. 072329Q408; ISIN No. US07329Q4082), each ADS representing the right to receive one Series D Preference Share. Under the terms of the tender offer and assuming a settlement date of January 31, 2006, BBVA Gibraltar will pay $1,049,100.00 plus accrued dividends of $6,470.00 (for a total of $1,055,570.00) for each Series D Preference Share and ADS purchased in the tender offer. This price was determined by reference to the tender offer yield of 4.175%, which is based on a fixed spread of -37.5 basis points or 0.375% below the yield to maturity based on the bid side price of the U.S. Treasury 3.625% Bond due June 30, 2007 as measured at 2:00 P.M., New York City time, on January 26, 2006. Such U.S. Treasury yield to maturity was 4.550%. The tender offer is scheduled to expire at 12:00 midnight, New York City time, on Monday, January 30, 2006, unless extended or earlier terminated. It is expected that payment for tendered Series D Preference Shares and ADSs will be made on January 31, 2006. These and other terms of the tender offer are described in an Offer to Purchase dated December 30, 2005 and the related letter of transmittal provided to the holders of Series D Preference Shares and ADSs. Merrill Lynch & Co. has been acting as Dealer Manager for the tender offer. The Receiving Agent is The Bank of New York. Requests for tender offer documents may be directed to The Bank of New York by telephone at (800) 507-9357 (toll free). These documents contain important information, and holders should read them carefully before making any decision to tender securities in the tender offer. Questions regarding the tender offer may be directed to the Dealer Manager at (212) 449-4914 (collect) or (888) 654-8637 (toll free), or to Julissa Bonfante of BBVA's investor relations department in New York at (212) 728-1660. This press release is not an offer to purchase or a solicitation of an offer to purchase. The tender offer with respect to the Series D Preference Shares and ADSs is being made solely by means of the Offer to Purchase dated December 30, 2005.RELATED LINKS
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