TIDMBIRG
RNS Number : 9156M
Bank of Ireland Group PLC
14 May 2020
Bank of Ireland Group plc (together with its subsidiaries, the
"Group")
Additional Tier 1 Mandate Announcement
14 May 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA OR IN ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
Bank of Ireland Group plc ("BOIG") has mandated UBS Investment
Bank as Global Co-ordinator and BofA Securities, Citi, Credit
Suisse, J.P. Morgan and UBS Investment Bank as Joint Lead Managers
(together the "Joint Lead Managers") for a standalone Reg S
Registered form EUR 625 million Fixed Rate Reset Perpetual Callable
Contingent Temporary Write-Down Additional Tier 1 ("AT1")
transaction. The AT1 securities, the subject of the transaction
(the "Securities"), are expected to be rated Ba2 by Moody's.
The proposed issuance of the Securities is intended to be
applied towards refinancing the BKIR 7.375% 06/20 AT1 (ISIN:
XS1248345461) , issued by The Governor and Company of the Bank of
Ireland (the "Existing Securities") that is within its existing
call window. The Joint Lead Managers have initial indications of
potential demand from a group of investors, including holders of
the Existing Securities, in excess of EUR 625 million. If
successful, the completion of the proposed issuance should
facilitate refinancing of the Existing Securities.
Ends
For further information please contact:
Bank of Ireland
Myles O'Grady, Group Chief Financial Officer +353 (0)766 24
3291
Darach O'Leary, Head of Group Investor Relations +353 (0)766 24
4711
Damien Garvey, Head of Group External Communications and Public
Affairs +353 (0)766 24 6716
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR")
and is disclosed in accordance with BOIG's obligations under
Article 17 of MAR. The date and time of this announcement is
10.25a.m. (Dublin time) on 14 May 2020.
This announcement contains details of a proposed issuance of the
Securities. There is no guarantee that the issuance will occur or
the final price of any such issuance.
The announcement of a potential additional tier 1 transaction
shall not constitute an offer of securities for sale in the United
States of America (or to U.S. persons). The Securities have not
been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "Securities Act") or the
securities laws of any state of the United States or any other
jurisdiction and the Securities may not be offered or sold within
the United States or to U.S. persons except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state or local securities laws.
This announcement is not addressed to any person who is a retail
client (as defined in Directive 2014/65/EU of the European
Parliament and of the Council of 15 May 2014 on markets in
financial instruments and amending Directive 2002/92/EC and
Directive 2011/61/EC (recast). No PRIIPs key information document
(KID) has been prepared as the Securities will not be available to
retail in EEA or the United Kingdom.
Relevant stabilisation regulations including FCA/ICMA will
apply.
Forward Looking Statement
This announcement contains forward-looking statements with
respect to certain of Bank of Ireland Group plc and its
subsidiaries' (collectively the 'Group') plans and its current
goals and expectations relating to its future financial condition
and performance, the markets in which it operates and its future
capital requirements. These forward-looking statements often can be
identified by the fact that they do not relate only to historical
or current facts. Generally, but not always, words such as 'may,'
'could,' 'should,' 'will,' 'expect,' 'intend,' 'estimate,'
'anticipate,' 'assume,' 'believe,' 'plan,' 'seek,' 'continue,'
'target,' 'goal,' 'would,' or their negative variations or similar
expressions identify forward-looking statements, but their absence
does not mean that a statement is not forward-looking.
Examples of forward-looking statements include, among others:
statements regarding the Group's near term and longer term future
capital requirements and ratios, level of ownership by the Irish
Government, loan to deposit ratios, expected impairment losses, the
level of the Group's assets, the Group's financial position, future
income, business strategy, projected costs, margins, future payment
of dividends, the implementation of changes in respect of certain
of the Group's pension schemes, estimates of capital expenditures,
discussions with Irish, United Kingdom, European and other
regulators and plans and objectives for future operations. Such
forward-looking statements are inherently subject to risks and
uncertainties, and hence actual results may differ materially from
those expressed or implied by such forward-looking statements.
Nothing in this announcement should be considered to be a
forecast of future profitability, dividends or financial position
of the Group and none of the information in this announcement is or
is intended to be a profit forecast, dividend forecast or profit
estimate. Any forward-looking statement speaks only as at the date
it is made. The Group does not undertake to release publicly any
revision to these forward-looking statements to reflect events,
circumstances or unanticipated events occurring after the date
hereof.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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