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Sunday, 26 March 2017
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Barcelona, Thursday 14 November 2013 “la Caixa” announces the successful completion of the issuance of exchangeable bonds and the placement of CaixaBank shares for a total of €1.65 billion
• “la Caixa” has completed the placement of CaixaBank shares for a total of 900 million euros and issued 750 million euros in bonds exchangeable into CaixaBank shares.

• Following the placement of CaixaBank shares, the exchange of the bonds and the conversion of existing convertible bonds, CaixaBank’s free float will increase from 30% to approximately 44%.

• As a result, “la Caixa” improves its financial position, both in terms of liquidity and solvency, increasing in more than 50 basis points because of the Share Placement (around 100 basis points considering the full exchange of the Bonds), from current 11.9%.
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La Caja de Ahorros y Pensiones de Barcelona, “la Caixa”, overseen by Chairman Isidro Fainé and CEO Juan María Nin, has successfully completed a 1.65 billion euro transaction, which includes the issuance of bonds exchangeable into CaixaBank shares and the placement of CaixaBank shares.

“la Caixa” has completed the placement of CaixaBank shares for a total of 900 million euros and issued 750 million euro in bonds exchangeable into CaixaBank shares, with a 4 year maturity.

The transaction, conducted via an accelerated book building last night, targeted institutional and/or qualified investors. The bank recorded demand for 4.5 billion euro, meaning the offer was oversubscribed by 2.7 times and was completed in just a few hours thanks to strong interest from international investors.

The transaction will improve “la Caixa” Group’s financial position by generating 1.65 billion euro of additional liquidity. Precisely, the core capital ratio –which currently is 11.9%– will increase in more than 50 basis points because of the Share Placement (around 100 basis points considering the full exchange of the Bonds).

CaixaBank’s free float has increased steadily since its Initial Public Offering

The initial free float, which is the percentage of a company’s share capital in the hands of public investors, was around 20% at the time of Criteria CaixaCorp’s IPO, in 2007.

Since then, an increasing number of new shareholders have joined the CaixaBank project, mainly via acquisition of bonds convertible into CaixaBank shares. Shareholders in CaixaBank have as a result increased from 365,000 to the current 745,000.

Following the placement of CaixaBank shares, the exchange of the bonds and the conversion of existing convertible bonds, CaixaBank’s free float will increase from 30% to approximately 44%.

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