Investors snap up Dexia exit option
Dexia Credit Local hit a 92% take-up rate on an offer to buy back a tier one at less than a quarter of par value, it announced on Thursday. Investors tendered €643.8m of the €700m tier one note that was eligible for buyback at 24% of par.
DCL closed the offer on Wednesday, two days later than originally scheduled, after it extended the offer to allow investors to digest two ratings downgrades on the notes. Moodys and Fitch downgraded the notes to C, from CC and Ca, respectively, while the buyback was open.
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