Bank of Cyprus Holdings PLC Decision to call AT1 Capital Securities (0772V)
29 Noviembre 2023 - 4:28AM
UK Regulatory
TIDMBOCH
RNS Number : 0772V
Bank of Cyprus Holdings PLC
29 November 2023
Announcement
Decision to call Additional Tier 1 Capital Securities
Nicosia, 29 November 2023
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 30 September 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 2,913 staff worldwide. At 30 September 2023, the
Group's Total Assets amounted to EUR26.4 bn and Total Equity was
EUR2.4 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.
In December 2018, Bank of Cyprus Holdings Public Company Limited
(the "Company") issued EUR220 million Fixed Rate Reset Perpetual
Additional Tier 1 Capital Securities callable in December 2023
(ISIN: XS1865594870) (the "AT1 Capital Securities"), with a coupon
rate of 12.50% per annum. As per the terms of the AT1 Capital
Securities, the Company has the option to redeem the securities at
par on 19 December 2023.
In June 2023, the Company invited the holders of the AT1 Capital
Securities to tender their AT1 Capital Securities for cash at a
purchase price of 103% of their principal amounts. As a result of
the tender offer, c.EUR204 million or 93% in aggregate principal
amount of the AT1 Capital Securities were purchased and cancelled
by the Company, and c.EUR16 million in aggregate principal amount
of the AT1 Capital Securities remained outstanding as at 30 June
2023. In July 2023, the Company purchased and cancelled a further
c.EUR7 million of the AT1 Capital Securities, after which EUR8.25
million in aggregate principal amount of the AT1 Capital Securities
remain outstanding.
On 29 November 2023, the Board of Directors resolved to exercise
the Company's option to redeem the remaining EUR8.25 million in
aggregate principal amount outstanding of the AT1 Capital
Securities on 19 December 2023. Notice of such early redemption
will be given to holders of the AT1 Capital Securities by the
Company in due course and in accordance with Condition 7(c) of the
AT1 Capital Securities. Permission for early redemption of the AT1
Capital Securities was provided by the ECB, as the relevant
Competent Authority, on 17 February 2023.
For further information, please contact Investor Relations at
investors@bankofcyprus.com .
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