Hope Bancorp’s 2% convertibles due 2038 are putable until May 11

By Mary-Katherine Stinson

Lexington, Ky., April 17 – Hope Bancorp Inc. announced an optional put notice for holders of its $197,551,000 outstanding 2% convertible senior notes due 2038 (Cusip: 43940TAB5), according to a press release.

Noteholders may require the company to purchase any or all of their outstanding notes at par plus accrued interest on May 15.

The optional put must be exercised before 5 p.m. ET on May 11, the second business day immediately preceding the optional repurchase date.

The optional put may be withdrawn in whole or in part at any time prior to 5 p.m. ET on May 12, which is the business day immediately preceding the optional repurchase date.

The notes may also be converted to the company’s common stock at the conversion rate of 45.0760 shares of common stock per $1,000 principal amount of notes. The conversion rate is determined based on the conversion price of approximately $22.18 per share.

U.S. Bank Trust Co., NA is the trustee and paying agent for the notes.

Hope Bancorp is the Los Angeles-based holding company of the Bank of Hope, the only regional Korean-American bank in the United States, which specializes in business banking products for small and mid-sized companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.