BOCH Bank Of Cyprus Holdings Public Limited Company

TIDMBOCH

RNS Number : 3245D

Bank of Cyprus Holdings PLC

20 June 2023

Announcement

Results of Additional Tier 1 Tender Cash Offer

Nicosia, 20 June 2023

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.

Bank of Cyprus Holdings Public Limited Company (the 'Company' and, together with subsidiaries, the 'Group') announces today the results of the Company's invitation (the 'Offer') to holders of its outstanding EUR220 mn Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities callable in December 2023 (ISIN: XS1865594870) ( the 'Existing Capital Securities') to tender their Existing Capital Securities for cash purchase by the Company at a price equal to 103% of the principal amount. The Company will also pay the accrued interest due on such Existing Capital Securities up to (but excluding) the settlement date on 21 June 2023.

The Company received valid tenders of c. EUR 204 mn in aggregate principal amount, or c.93% of the outstanding Existing Capital Securities, all of which were accepted by the Company; c. EUR 16 mn in aggregate principal amount of the Existing Capital Securities remain outstanding. As a result, a cost of c. EUR7 mn(1) is expected to be recorded directly in the Company's equity in 2Q2023, forfeiting the relevant future coupon payments.

The successful uptake of the Offer, in conjunction with the expected issue on 21 June 2023 of EUR 220 mn Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities (ISIN: XS2638438510) (the 'New Capital Securities'), demonstrate the Group's proactive management of its capital base by refinancing the Existing Capital Securities at a lower coupon rate, while maintaining the Group's optimised capital structure. The New Capital Securities will continue to contribute to the Group's Total Capital Ratio by c.220 bps and are expected to be MREL eligible. The issue of the New Capital Securities will demonstrate the significant improvement of the Company's credit spread of c.350 bps, compared to the credit spread in respect of the Existing Capital Securities, reflecting the successful transformation of the Group into a well capitalised, diversified and sustainably profitable financial services organisation.

The purchase of Existing Capital Securities pursuant to the Offer is contingent on the successful concurrent issue of the New Capital Securities.

Goldman Sachs Bank Europe SE and BofA Securities Europe SA acted as Dealer Managers.

For further information, please contact Investor Relations at investors@bankofcyprus.com .

1. For the purposes of this announcement, transaction costs are not included in the impact on the equity

Group Profile

The Bank of Cyprus Group is the leading banking and financial services group in Cyprus, providing a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. At 31 March 2023, the Bank of Cyprus Group operated through a total of 64 branches in Cyprus, of which 4 operated as cash offices. The Bank of Cyprus Group employed 2,883 staff worldwide. At 31 March 2023, the Group's Total Assets amounted to EUR25.4 bn and Total Equity was EUR2.1 bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank of Cyprus Public Company Limited and its subsidiaries.

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