MADRID Jan. 7 () –
The Board of Directors of BBVA has approved an issue of preferred shares eventually convertible into ordinary shares of the entity for a joint nominal amount of 1,000 million dollars (966,851,496.00 euros).
According to what the bank has communicated to the National Securities Market Commission (CNMV), once disbursed, it is expected that the securities will be counted as additional level 1 capital of BBVA and its Group in accordance with the applicable solvency regulations.
The remuneration of the securities, the payment of which is discretionary and subject to certain conditions, has been set at 7.75% per year from January 14, 2025, inclusive, and until January 14, 2032, exclusive. Thereafter, it will be revised in accordance with the terms and conditions of the Issue by applying a margin of 324.9 basis points over the five-year UST rate.
The entity clarifies that the issue is in no way directed at retail investors, all without prejudice to the additional sales restrictions provided for in its terms and conditions. Admission to trading of the Securities will be requested on the New York Stock Exchange (NYSE).
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