Fransabank Issued New Preferred Shares Series E Issue 2015

Fransabank increased its capital from $301.49M to $308.46M by issuing 525,000 new preferred shares series E Issue 2015 with nominal value of $13.27 per share (or LP 20,000). The capital increase came in accordance with the first three decisions made during the extraordinary general assembly of October 21st, 2015.The preferred shares are priced at $200 per share and offer non-cumulative dividend yield of 6.75%, with annual distributions subject to a current withholding tax rate of 10%. However, the bank will reimburse up to half of the tax amount to holders of the preferred shares series E.

The preferred shares are not listed on the Beirut Stock Exchange. The shares are redeemable, with the redemption price set at the issue price in case a regulatory event occurred. Also, they could be redeemed after 2020 at a price equal to 103.5% of the issue price in addition to any declared but unpaid distributions.

Characteristics of the new issuance by Fransabank

Fransabank Issued New Preferred Shares Series E Issue 2015 

Source: Midclear 

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