2024-01-04 10:15:44
CaixaBank will issue preferred shares eventually convertible into newly issued shares (Additional Tier 1), excluding pre-emptive subscription rights, for an amount of 750 million euros.
The issue will be carried out at par and the remuneration of the preferred shares, whose payment is discretionary and subject to certain conditions, has been set at 7.500% per year until July 16, 2030.
From then on, it will be reviewed every five years, applying a margin of 529.5 basis points on the applicable 5-year swap rate. The payment of remuneration will be, if applicable, quarterly in arrears.
Preferred shares are perpetual, without prejudice to which they can be amortized in certain circumstances at the option of CaixaBank and, in any case, they will be converted into newly issued ordinary shares of the entity if CaixaBank or the CaixaBank Group present a common equity Tier 1 ratio or CET1 ratio), lower al 5.125%.
The conversion price will be the highest of the average of the daily volume-weighted average prices of the CaixaBank share corresponding to the five trading days prior to the day on which it is announced that the corresponding conversion case has occurred, 2,551 euros ( Floor Price) and the nominal value of the CaixaBank share at the time of conversion.
The issue has been addressed exclusively to professional investors and eligible counterparties, with retailers expressly excluded.
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