Link Securities | The bank announces that it has agreed to proceed with the voluntary early redemption of all outstanding Contingently Convertible Tier 1 Preferred Shares ‘4.375% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities’ (ISIN XS2102912966) outstanding, for a total nominal amount of €1.033 billion, which are traded on the Irish Stock Exchange’s Global Exchange Market (PPCC).
The early redemption of all PPCCs, which has been authorised by the European Central Bank, will take place in the first optional early redemption window on the sixth anniversary of the issue, coinciding with the scheduled payment date of 14 January 2026, in accordance with the provisions of the ‘Terms and Conditions of the Preferred Shares’ in the PPCC prospectus (Offering Circular of 10 January 2020).
The Issuer’s decision to exercise the early redemption right is irrevocable. The early redemption price, consisting of the outstanding nominal value (liquidation preference in the terminology of the prospectus) of each PPCC plus an amount equal to the remuneration (Distribution) associated with each PPCC accrued up to 14 January 2026 (exclusive) and not paid, shall be payable on that date to the holders of PPCCs by the Principal Paying Agent, in accordance with the Terms and Conditions.
