Bond issue "Credito Valtellinese 2% 1999-2004, Index-Linked, Convertible, Cum Warrant, Subordinated"
A notice which was published in the Italian daily newspaper Il Sole 24 Ore on January 7, 2004, reported end of maturity period for third periodic payment for bond issue 'Credito Valtellinese 2% 1999-2004, Index-Linked, Convertible, Cum Warrant, Subordinated'.
Below are the main characteristics of this bond issue:
The bond holders who are not exercising the power of conversion will receive the whole amount of the periodic payment on the basis of the nominal value.
(1) In particular, article 4 reads that for the periodic payment due on February 15, 2004, the redemption premium will be equal to 70 percent of the progressive monthly average revaluation, calculated with respect to the emission date (February 15, 1999), of a basket of stock market indices consisting of the "S&P 500" (New York Stock Exchange) for 50% and "Nikkei 225" (Tokyo Stock Exchange) for the other 50%; the progressive average is calculated on the basis of the value of the above-mentioned indices in the 60 official closes of New York and Tokyo Stock Exchanges. Starting from March 15, 1999, the value of the indices will be assessed on the 15th of each month or, if a holiday falls on the 15th, on the subsequent working day, except for last maturity date, for which the close of February 2, 2004 will be considered.