By William Gullotti
Buffalo, N.Y., July 18 – Bank of Cyprus Holdings plc priced €350 million of 7 3/8% senior preferred notes due 2028 at par, according to an announcement on Tuesday.
The notes are being issued under the bank’s euro medium-term note program.
If the notes are not redeemed on the July 25, 2027 par call date, the fixed rate will reset to a floating rate of Euribor plus 409.5 basis points.
Barclays, BofA Securities Europe SA, Citi and Goldman Sachs Bank Europe SE acted as joint lead managers.
The issuance was met with strong demand, attracting interest from more than 90 institutional investors, with a peak order book of €950 million and final pricing 37.5 bps tighter than the initial pricing indication.
Settlement is expected to occur on June 24.
The notes will be listed on the Luxembourg Stock Exchange’s Euro MTF market.
The financial services company is based in Strovolos, Cyprus.
| Issuer: | Bank of Cyprus Holdings plc
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| Amount: | €350 million
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| Issue: | Senior preferred notes
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| Maturity: | July 25, 2028
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| Lead managers: | Barclays, BofA Securities Europe SA, Citi and Goldman Sachs Bank Europe SE
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| Co-manager: | Cyprus Investment and Securities Corp., Ltd.
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| Counsel to issuer: | Sidley Austin LLP (England), Chryssafinis & Polyviou LLC (Cyprus)
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| Coupon: | 7 3/8%; if not redeemed, resets on July 25, 2027 to Euribor plus 409.5 bps
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| Price: | Par
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| Yield: | 7 3/8%
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| Call option: | On July 25, 2027
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| Announcement date: | July 18
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| Settlement date: | July 25
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