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Novo Banco has reached 73.4% of its target for bondholders to accept a discounted bond buyback – a vital condition that must be met before any sale can go ahead to US vulture fund, Lone Star.
Novo Banco’s management issued a statement on Friday that several bondholders has had meetings in London and the bank now had €4.6 billion of orders for early redemption and that the remaining holders have until Monday to accept the terms of the buyback. Currently, the bank is short of €1.66 billion of pledges.
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