February 28, 2020 / 6:07 AM / a month ago

BRIEF-Basler Kantonalbank Cancels Existing Additional Tier 1 Bond

Feb 28 (Reuters) - Basler Kantonalbank:

* CANCELING THE EXISTING ADDITIONAL TIER 1 BOND AND IS PREPARING TO REFINANCE IT

* CANCELING THE SUBORDINATE ADDITIONAL TIER 1 BOND (AT1), ISSUED IN 2015 ON THE FIRST CALL DATE AND WILL BECOME EFFECTIVE ON APRIL 1, 2020 TOGETHER WITH REPAY THE INTEREST DUE

* BKB IS PREPARING TO TAKE UP A NEW AT1 BOND

* TIER 1 BOND FROM 2015 CALLABLE FOR THE FIRST TIME THE SUBORDINATE ADDITIONAL TIER 1 BOND FOR CHF 100 MILLION FROM 2015 CAN BE CANCELED AND REPAID BY THE ISSUER FOR THE FIRST TIME ON APRIL 1, 2020

* WILL REPAY THE BOND ON APRIL 1ST, 2020 AT FACE VALUE; TOGETHER WITH THE INTEREST DUE ON APRIL 1ST, 2020

* ISSUE OF A NEW ADDITIONAL TIER 1 BOND IN PREPARATION AS A REPLACEMENT FOR THE EXISTING BOND, THE BKB IS PREPARING TO ISSUE A NEW ADDITIONAL TIER 1 BOND

* NEW BOND - SIMILAR TO OTHER AT1 BONDS FROM CANTONAL BANKS - SHOULD HAVE A DENOMINATION OF CHF 5,000

* IT IS PLANNED THAT THE PAYMENT DATE OF THE NEW ADDITIONAL TIER 1 BOND WILL FALL ON THE REDEMPTION DATE OF THE OUTSTANDING BOND

* FINMA HAS APPROVED THE TERMS OF THE NEW BOND Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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