Bank of Ireland to raise 580 mln euros, repay state
DUBLIN Dec 4 (Reuters) - Bank of Ireland plans to raise 580 million euros ($788.08 million) of equity through a placing as part of a deal to repay 1.8 billion euros of state-owned preference shares, the lender said on Wednesday.
The bank, the only Irish lender to escape nationalisation, faced a March 2014 deadline to pay the state back before a clause under its 4.8 billion euro bailout increased the cost of buying the shares back by 25 percent, or 450 million euros.
The remainder of the 1.8 billion will be raised by issuing debt, secured on the preference shares, to private investors. The results of the placing will be announced later on Wednesday, the bank said.
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