Hope Bancorp Announces Notification to Holders of 2.00% Convertible Senior Notes of Their Contractual Put Right

Apr 17, 2023

Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE) announced today that it is notifying holders of its 2.00% Convertible Senior Notes due 2038 (CUSIP NUMBER 43940TAB5) (the “Notes”) that they have the right 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 (the “Trustee” or “Paying Agent”). The Optional Put entitles each holder of the Notes to require the Company to repurchase any or all of such holder’s outstanding Notes on May 15, 2023 (the “Optional Repurchase Date”) at a purchase price in cash (the “Repurchase Price”) equal to 100% of the principal amount of the Notes. The Company shall also pay any accrued and unpaid interest on the Notes owed on the Optional Repurchase Date to the holders of record as of May 1, 2023. There are currently Notes in the aggregate principal amount of $197,551,000 outstanding, which are subject to the Optional Put. Additionally and alternatively, the Notes may be converted to the Company’s common stock at the conversion rate of 45.0760 shares of common stock per $1,000 principal amount of Notes (the “Conversion Rate”). The Conversion Rate is determined based on the conversion price of approximately $22.18 per share of the Company’s common stock.

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