REG - Bank of Cyprus Hldgs - Decision to call AT1 Capital Securities

Bank of Cyprus HoldingsAnnouncement

29/11/2023 10:30

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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 €26.4 bn and Total Equity was €2.4 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 €220 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.€204 million
or 93% in aggregate principal amount of the AT1 Capital Securities were
purchased and cancelled by the Company, and c.€16 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.€7
million of the AT1 Capital Securities, after which €8.25 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 €8.25 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 (mailto:investors@bankofcyprus.com) .

 

 

 

 

 

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