Hope Bancorp holders put $197.11 million 2% convertibles due 2038

By Wendy Van Sickle

Columbus, Ohio, May 15 – Hope Bancorp Inc. said $197,107,000 of its $197,551,000 outstanding 2% convertible senior notes due 2038 (Cusip: 43940TAB5) were surrendered by holders under a recent put option, according to a press release.

The put period expired at 11:59 p.m. ET on May 12.

Noteholders could 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 deadline to exercise the put option was also the withdrawal deadline.

The notes could 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 about $22.18 per share.

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

The repurchase of the notes was funded by the company’s available cash.

After giving effect to the repurchase, $444,0000 principal amount remains outstanding.

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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