Hope Bancorp’s 2% convertibles due 2038 now putable through May 12

By Wendy Van Sickle

Columbus, Ohio, May 5 – Hope Bancorp Inc. extended the period for holders of its $197,551,000 outstanding 2% convertible senior notes due 2038 (Cusip: 43940TAB5) to require the company to purchase notes, according to a press release.

The put option may now be exercised through 11:59 p.m. ET on May 12, pushed out from 5 p.m. ET on May 11.

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

The new deadline to exercise the put option is also with withdrawal deadline.

The notes may also be converted to the company’s common stock at the conversion rate of 45.076 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.

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