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Investing.com -- Banco de Sabadell on Wednesday announced its decision to issue preferred securities that are perpetually convertible into newly issued shares of the company.
The principal amount for this issuance is set at 1.00 billion euros.
These preferred securities are perpetual, meaning they have no maturity date. However, they can be converted into newly issued ordinary shares of Sabadell if the company’s Common Equity Tier 1 (CET1) ratio falls below 5.125%.
The remuneration for these preferred securities has been established at 6.50% per annum, which will be payable quarterly.
This remuneration period will commence on the issue date and will continue until May 20, 2031. After this date, the remuneration rate will be reviewed every five years.
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