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Hope Bancorp Announces Completion of 2.00% Convertible Senior Notes Repurchase Pursuant to Contractual Put Right
LOS ANGELES--(BUSINESS WIRE)-- Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE) announced today that the previously announced right of holders of its 2.00%
About this update from Hope Bancorp, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nHope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE) announced today that the previously announced right of holders of its 2.00% Convertible Senior Notes due 2038 (CUSIP NUMBER 43940TAB5) (the “Notes”) to surrender their Notes for repurchase by the Company for cash pursuant to their option (the “Optional Put”) under the Indenture (the “Indenture”), dated as of May 11, 2018, between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee and paying agent, expired at 12:00 midnight New York City time on May 12, 2023, and the Notes were repurchased on May 15, 2023.\n\n\nAt the expiration of the Optional Put, $197,107,000 aggregate principal amount of Notes were validly surrendered and not validly withdrawn, and as such were repurchased by the Company on May 15, 2023. The repurchase of the Notes was funded by the Company’s available cash. After giving effect to the repurchase pursuant to the Optional Put, $444,000 aggregate principal amount of Notes remains outstanding.\n\n\nAbout Hope Bancorp, Inc.\n\n\nHope Bancorp, Inc. is the holding company of Bank of Hope, the first and only super regional Korean American bank in the United States with $20.6 billion in total assets as of March 31, 2023. Headquartered in Los Angeles and serving a multi-ethnic population of customers across the nation, Bank of Hope operates 53 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Alabama and Georgia. Bank of Hope also operates SBA loan production offices in Seattle, Denver, Dallas, Atlanta, Portland, New York City, Northern California and Houston; commercial loan production offices in Northern California, Seattle and Tampa, Fla.; residential mortgage loan production offices in Southern California; and a representative office in Seoul, Korea. Bank of Hope specializes in core business banking products for small and medium-sized businesses with an emphasis on commercial real estate and commercial lending, SBA lending and international trade financing. Bank of Hope is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. For additional information, please go to bankofhope.com. None of the information on or hyp...