Ibercaja places 500 million euros in subordinated bonds at 2.75% per year until 2025

Ibercaja has set the economic terms of an issue of subordinated bonds for a nominal amount of 500 million euros that will accrue at a fixed interest of 2.75% annually until July 2025, date from which the interest will be calculated by applying a margin of 2,882% at the five-year swap rate.

As reported by the entity to the National Securities Market Commission (CNMV), the redemption date of the bonds will be in July 2030, notwithstanding that they can be redeemed in advance at the option of Ibercaja in July 2025.

The issuance of bonds, which has been directed exclusively to professional clients and eligible counterparts, has a credit rating of 'BB' by Fitch Ratings and 'B +' by S&P Global, and will be governed by Spanish law, with admission to quotation and negotiation in the 'AIAF' Fixed Income market.

Likewise, Ibercaja will request the computability of the bonds as capital instruments of level 2 of the group, in accordance with the law of ordination, supervision and solvency of credit institutions and in accordance with the criteria of the European Parliament and Council regulations on prudential requirements of credit institutions and investment companies.

This Thursday, the entity has also accepted the refinancing of subordinated obligations for a nominal amount of 281.9 million euros, of the 500 million euros of subordinated obligations issued by the entity itself and with an expiration date in July 2025, after have offered them to the debt holders since last week, who have sent sales offers from the moment of their announcement until this Wednesday at 5:00 p.m.

Finally, the nominal amount accepted for the repurchase was 281.9 million euros, with a return of 0% for Ibercaja and at a purchase price of 102.555%, assuming that the settlement date will be next January 23.