BCP to buy securities worth €300 million and issue securities worth €450 million

Millennium BCP announced on Thursday that it has launched a call for offers for the purchase of a tier 2 bond issue worth €300 million maturing in 2027.

The bonds were issued in December 2017 at 4.5% and are currently in circulation, according to a statement sent yesterday to the Portuguese Securities Market Commission (CMVM).

BCP notes that the offer is conditional on the successful completion of the issue of a new series of subordinated debt “of at least €450 million”, under its Euro Note programme.

According to the bank led by Miguel Maya, the objective of this offer is to “proactively manage BCP’s capital structure and debt profile”. At the same time, this offer “also provides liquidity to investors”, enabling them to apply for a priority position in this new issue.

On Monday, BCP had already announced that it would exercise its option to repay in advance the entirety of a bond issue of €450 million that would mature on March 27, 2030.

BCP pointed out that the early repayment of these bonds “will take place on the early repayment date provided for in its final terms, March 27, 2025, for the respective amount of outstanding capital plus accrued interest”.