Bank of Cyprus accepts tenders for €204.48 million capital securities

By Marisa Wong

Los Angeles, June 20 – Bank of Cyprus Holdings plc announced the results of its June 12 invitation to holders of its €220 million outstanding fixed-rate reset perpetual additional tier 1 capital securities with a first call date on Dec. 19, 2023 (ISIN: XS1865594870) to tender any and all of their notes for purchase for cash.

The company received tenders for €204,483,000, or about 93%, of the outstanding securities, all of which were accepted for purchase at 103, plus accrued interest, according to a Tuesday news release.

The tender offer expired at 11 a.m. ET on June 19. After settlement on June 21, €15,517,000 of the securities will remain outstanding.

As a result, about €7 million is expected to be recorded directly in equity in Q2 of 2023, forfeiting the relevant future coupon payments, the company noted in a separate announcement.

The offer is subject to a new issue condition. The company priced €220 million of new fixed-rate reset perpetual additional tier 1 capital securities, which will be issued on June 21.

The dealer managers are BofA Securities Europe SA (+33 1 877 01057, DG.LM-EMEA@bofa.com) and Goldman Sachs Bank Europe SE (+44 20 7774 4836, liabilitymanagement.eu@gs.com).

Kroll Issuer Services Ltd. (+44 20 7704 0880, boc@is.kroll.com) is the tender agent.

Based in Nicosia, Cyprus, the Bank of Cyprus is a banking and financial services group.

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