APS Bank plc - Details of Series 1 of Bond Issuance Programme
On 25 October 2023, APS Bank plc published a Base Prospectus and Final Terms following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of up to €150 million Unsecured Subordinated Bond Issuance Programme. Series 1 consists of the issuance of up to €50 million 5.8% unsecured subordinated bonds maturing between 2028 and 2033. The salient details of Series 1 of the Bond Issuance Programme are as follows:
Amount Offered:
Up to €50 million (nominal)
Coupon:
5.80%
Issue Price:
100% (par)
Interest Payment Date:
Annually on 1 December (first interest payment date is 1 December 2024)
Maturity Date:
The bonds will mature on 1 December 2033. However, APS Bank reserves the right to redeem any or all of the bonds on any date between 1 December 2028 and 1 December 2033 subject to MFSA approval and also giving bondholders at least 30 days’ notice.
Status:
The bonds will constitute the general, direct, subordinated, unsecured and unconditional obligations of the Bank to the bondholders, and will at all times rank pari passu, without any priority or preference among themselves. In the event of the dissolution and winding up of the Bank, the claims of Bondholders in respect of the payment of capital and interest on the Bonds constitute, so long as the Bonds qualify as Tier 2 Instruments, Tier 2 Claims under the Ranking Legislation, and will have the ranking set out in the Ranking Legislation.
Use of Proceeds:
The net proceeds from the Bond issue, estimated at €49.2 million after issuance costs, will make up a fundamental part of the Bank’s capital plan that will qualify as Tier 2 Capital supporting the Bank’s general financing requirements.
Offer Period:
30 October 2023 to 17 November 2023 at 17.00 (or earlier at the discretion of the Issuer)
Minimum Subscription Amount:
€10,000 and in multiples of €1,000 thereafter.
Plan of Distribution:
- Pre-Allocation Agreements: An amount of €15 million has been reserved for subscriptions by Authorised Financial Intermediaries through Pre-Allocation Agreements.
- Intermediaries’ Offer: The remaining balance of €35 million is available for subscriptions by all categories of investors through an Intermediaries’ Offer. Interested applicants are kindly requested to contact us for further information on the detailed application procedure.
In the event of oversubscription, the Bank will give preference to Preferred Applicants, which are APS shareholders and bondholders as at close of trading on 19 October 2023 and APS employees as at 23 October 2023.
Listing:
Official List of the Malta Stock Exchange
Downloads:
Base Prospectus dated 24 October 2023
Final Terms dated 24 October 2023
Disclaimer:
This webpage has been prepared based on the Base Prospectus and Final Terms both dated 24 October 2023 issued by APS Bank plc, and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is NOT intended to be and should NOT be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts NO responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.
Investors wishing to acquire the Bonds should read the Base Prospectus and Final Terms before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. A copy of the Base Prospectus and Final Terms is available on Rizzo, Farrugia & Co. (Stockbrokers) Limited’s website. The Bonds are COMPLEX financial instruments and investment in the Bonds may not be suitable for all investors. Prospective investors are required to consult their financial advisers as to the suitability or otherwise of acquiring such Bonds. The value of the investment and the income therefrom may go down as well as up and investors may lose some or all of the money invested.
Rizzo, Farrugia & Co. (Stockbrokers) Ltd is acting as Sponsor and Manager to APS Bank plc.
This advertisement has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited, a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta, and having its registered address at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta