Bank of Cyprus bond issue over-subscribed

Bank of Cyprus announces that the issue of up to €573.409.701 Convertible Bonds 2013/2018 has been oversubscribed with total subscriptions amounting to €583 million. This great success strengthens the capital base and liquidity of the Bank of Cyprus Group contributing to the faster expansion of its operations.
The Strike price was set €1 via the bookbuilding procedure.
Irrevocable applications for unsubscribed Convertible Bonds submitted by the investing public and institutional shareholders for amounts up to €20 mn have been satisfied in full. Irrevocable applications for unsubscribed Convertible Bonds for amounts of more than €20 mn have been partly satisfied so that the issue amounts to a total of €573.409.701.
The Allotment letters for Convertible Bonds will be dispatched to the subscribers on 8 August 2008.
The capital that was raised from the issue will be used to strengthen the Group’s capital adequacy which, together with the projected increased undistributed profits as per the three year plan of the Group, can be invested in the faster expansion of the Group’s operations, organically as well as via acquisitions.
The Bank has filed applications for the listing of the Convertible Bonds on the Cyprus Stock Exchange and the Athens Exchange.