Bank of Valletta plc - Details of New Notes Issue
On 20 July 2011, Bank of Valletta plc (BOV) issued a base prospectus (“Prospectus”) in connection with a €125 million Debt Issuance Programme. Concurrently, BOV also announced the first tranche of Notes forming part of this Debt Issuance Programme with the respective details outlined below. Copies of all relative documentation, including the Prospectus and the Supplement as well as the Final Terms, are available for download from the links below.
Coupon:
4.8%
Amount Offered:
€40 million
Tranche:
1st Tranche of €40 million from a €125 million Debt Issuance Programme
Issue Price:
100% (par)
Interest Payment Date:
Semi-Annually on 27 February and 27 August
Maturity:
The bonds will mature at 100% (par) on 27 August 2018
Opening of Subscription Lists:
28 July 2011
Closing of Subscription Lists:
Noon on 3 August 2011 or earlier at the sole discretion of the Issuer
Minimum application for notes:
€1,000 and in multiples of €100 thereafter.
Listing:
Official List of the Malta Stock Exchange
Use of Proceeds:
The net proceeds from this issue of Notes, amounting to circa €39.55 million, will be used by BOV for its general corporate and funding purposes such as the provision of loans and advances. Additionally, these proceeds, besides serving as a means of diversifying BOV’s funding sources, will also enable the Bank to extend the duration of part of its funding base.
Status, Security & Ranking:
The Notes will rank after any claims which are preferred in terms of the law but will rank senior and with priority over the Issuer’s existing subordinated debt, namely the €50 million 5.35% BOV 2019 bonds and the €70 million 4.8% BOV 2020 bonds issued in 2009 and 2010 respectively, or such other subordinated debt which may be issued in the future.
The Notes are unsecured and will rank pari passu without any priority or preference with all other present and future unsecured obligations of the Issuer.
Downloads:
Bank of Valletta plc – Base Prospectus 31 May 2011
Bank of Valletta plc – Supplement to the Base Prospectus 18 July 2011
Bank of Valletta plc – Final Terms 18 July 2011
Bank of Valletta plc – Authorisation to Apply Form
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