Friday's announcement from Garanti BBVA (BME:BBVA) revealed the completion of the book building process for the issuance of subordinated (Tier II) notes. The Turkish bank has set the nominal value of these notes at $750,000,000. With an annual interest rate of 8.125%, the notes will have a 10-year maturity period and include an early redemption option after five years, specifically on January 3, 2035.
The notes are set to be admitted for trading on the Irish Stock Exchange, known as Euronext (EPA:ENX) Dublin. This move is aimed at qualified investors outside of Türkiye, as part of the bank's efforts to diversify its investor base and strengthen its capital structure.
The expected completion date for the sale transaction is December 3, 2024, as per the communication from Garanti BBVA. The bank has ensured that the details provided are in line with the principles of the Board’s Communiqué, Serial II Nr.15.1, and accurately reflect the information received, which is also in accordance with their records and documents.
Garanti BBVA has affirmed its responsibility for the accuracy of the declarations made regarding this issuance. They have also noted that in the case of any discrepancies between the Turkish and English versions of this announcement, the Turkish version shall prevail.
Investors and interested parties can reach out to Garanti BBVA's Investor Relations for further information through the contact details provided in the announcement. The bank remains committed to transparency and adherence to regulatory standards, as indicated by the regulatory announcement disseminated by EQS Group.
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