Launch of Cash Tender Offer for AT1 Cap.Securities

Bank of Cyprus Holdings PLC

12 June 2023

 

Announcement       

Launch of Cash Tender Offer for AT1 Capital Securities               

Nicosia, 12 June 2023

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

Bank of Cyprus Holdings Public Limited Company (the "Offeror") announces today that it is inviting holders ("Holders") of its outstanding €220m Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities (ISIN: XS1865594870) (the "Capital Securities") to tender their Capital Securities for purchase by the Offeror for cash purchase price equal to 103.00 per cent. of the principal amount of the Capital Securities subject to the satisfaction of the New Issue Condition (as defined below) (such invitation, the "Offer").

The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 12 June 2023 (the "Tender Offer Memorandum") and is subject to the Offer restrictions described in the Tender Offer Memorandum. A summary details of the Offer can also be found in the Tender Offer Announcement, which is attached here.

The Offeror hereby further announces its intention to issue a new series of Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities (the "New Capital Securities"), subject to market conditions. The Offeror's purchase of any Capital Securities validly tendered in the Offer is subject, without limitation, to the successful completion (in the sole determination of the Offeror) of the issue of the New Capital Securities in an aggregate principal amount at least equal to the aggregate principal amount of Capital Securities validly tendered and accepted for purchase pursuant to the Offer (the "New Issue Condition").

The procedures and conditions for the allocation of the New Capital Securities are described in the Tender Offer Memorandum.

Holders are advised to carefully read the Tender Offer Memorandum for full details of, and information on, the procedures for participating in the Offer.

For further information, please refer to the attached Tender Offer Announcement or contact Investor Relations at [phone] / [e-mail].

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 €25.4 bn and Total Equity was €2.1 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.

 

END