Bank of Valletta plc - New Subordinated Bond Issue

On 27 May 2019, Bank of Valletta plc announced that it has submitted an application to the Listing Authority of the Malta Financial Services Authority requesting admissibility to listing of €50 million 3.75% unsecured subordinated bonds redeemable between 2026 and 2031. The new bonds will form an integral part of the bank’s capital plan and will strengthen BOV’s Tier 2 Capital.

Subject to obtaining regulatory approval, the new bonds will be offered for subscription to preferred applicants consisting of:

• bondholders of the 4.25% BOV plc notes 2019 as at close of trading on 29 April 2019, which bonds were redeemed by BOV upon maturity on 17 May 2019;
• bondholders of the 5.35% BOV plc subordinated bonds 2019 as at close of trading on 28 May 2019, which bonds will be redeemed by BOV upon maturity on 15 June 2019;
• BOV shareholders as at close of trading on 28 May 2019; and
• BOV employees.

BOV also explained that any balance of the new bonds not subscribed for by preferred applicants will be made available for subscription by the general public through an intermediaries’ offer. Further detailed information on the new bonds will be made available in a prospectus which will be published in due course after the necessary approval from the Listing Authority is obtained.