Hope Bancorp Inc.'s net proceeds from the sale of its $200 million of convertible senior notes due 2038 totaled about $196 million.
The Los Angeles-based bank used $76 million of that amount to repurchase shares of its common stock from buyers of the senior notes in privately negotiated transactions effected through initial purchaser Bank of America Merrill Lynch or its affiliates. These repurchases are part of a previously announced $100 million share buyback program, which was approved in connection with the notes offering. The remaining capacity for repurchases of roughly $24 million is expected to be used in open market or privately negotiated repurchases.
As previously reported, Hope Bancorp intends to contribute the remaining proceeds as additional capital to unit Bank of Hope.