VIVAT Prices Debt Offering of USD 575 Million of Subordinated Notes
9 November 2017 | 08:00
The USD 575 million subordinated notes are undated and are first callable after 5 years and each fifth anniversary thereafter, subject to conditions to redemption. The coupon is fixed at 6.25% per annum until the first call date. These notes are expected to qualify as Tier 2 regulatory capital. The subordinated notes are expected to be rated by Fitch (BB) and will be listed on the Irish Stock Exchange (ISIN: XS1717202490).
The net proceeds of the subordinated notes will be applied by VIVAT to repay the current subordinated financing provided by Anbang and will lower future interest expenses substantially. This is in line with VIVAT’s strategy focusing on continuous cost reductions and profitable growth, and underpins VIVAT’s independent status.