A big deal for Sporting, a possible deal for BCP. In the space of 11 years, between 2011 and 2022, the lions profited €69.48 million in the Mandatory Convertible Securities (VMOC) traded with that banking institution.
In 2011, BCP financed Sporting at €27.5 M, VMOC payable until 2016, at an annual interest rate of 3%. Three years later, in 2014, again in a period of sharp internal economic crisis, the same bank advanced with €56 M, now protected by an interest rate of 4%, until 2026. Unable to meet the obligations it had assumed, the club leonino extended the maturity of the 2011 VMOC, which should expire in 2016, also to 2026. In short: €27.5 M plus €56 M, equal to €83.5 M of VMOC to be settled within four years, in 2026 .
Instead of the unit price of €1 per VMOC initially negotiated, in 2019, after an agreement with BCP, this value dropped to €0.30. In other words, the debt from €83.5 M decreased exponentially to €25.05 M, perhaps because BCP had always made it clear that it wanted to put an end to its exposure to football clubs, which was apparently negative for the interests of the bank, as is perceived by the debt forgiveness in question.
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