Bank of Cyprus Holdings PLC Results of Cash Tender Offer (1746W)
April 21 2021 - 04:54AM
UK Regulatory
TIDMBOCH
RNS Number : 1746W
Bank of Cyprus Holdings PLC
21 April 2021
Announ cement
Results of Cash Tender Offer
Nicosia, 21 April 2021
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" or
"BOC Holdings" and, together with its subsidiary, Bank of Cyprus
Public Company Limited (the "Bank"), and the Bank's subsidiaries,
the "Group") announces today the results of the Bank's invitation
(the "Offer") to holders of its outstanding EUR250 mn Fixed Rate
Reset Tier 2 Capital Notes due January 2027 (ISIN: XS1551761569)
(the "Existing Notes") to tender their Existing Notes for purchase
by the Bank at a price of 105.50%. The Bank will also pay the
accrued interest due on the Existing Notes until the settlement
date .
The Bank received valid tenders of EUR207 mn in aggregate
nominal amount, or 83%, of the Existing Notes, all of which were
accepted by the Bank. As a result, the Bank will incur a cost of
c.EUR11 mn in 2Q2021, forfeiting the relevant obligation for future
coupon payments. The settlement of the Offer is expected to take
place on 23 April 2021, after which EUR43 mn in aggregate nominal
amount of the Existing Notes will remain outstanding.
Goldman Sachs International and HSBC acted as Dealer
Managers.
The successful uptake of the Offer, in conjunction with the
issue of EUR300 mn unsecured and subordinated Tier 2 Capital Notes
(the "New Notes") demonstrate the Group's proactive management of
its capital base by refinancing the Existing Notes at a
significantly lower coupon rate and managing the associated carry
cost of the Existing Notes. The issuance of the New Notes further
enhances the Group's capital base and is expected to increase the
Group's Total Capital ratio by c.100 bps to 19.7%(1) pro forma for
Helix 2.
For further information, please contact Investor Relations at
investors@bankofcyprus.com .
[1] Based on the Group financial results as at 31 December 2020
pro forma for Helix 2.
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. The Bank of Cyprus
Group operates through a total of 95 branches in Cyprus, of which
11 operate as cash offices. Bank of Cyprus also has representative
offices in Russia, Ukraine and China. The Bank of Cyprus Group
employs 3,573 staff worldwide. At 31 December 2020, the Group's
Total Assets amounted to EUR21.5 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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END
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