Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 136

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 136
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VA after the end of the Election Period, unless otherwise provided as contemplated by the Indenture with respect to the Preferred Securities, BBVA may redeem all (but not part) of the aggregate Liquidation Preference of the Preferred Securities which remains outstanding following the Capital Reduction Conversion. If any notice of redemption of the Preferred Securities has been given pursuant to this section “— Redemption Procedures” and a Capital Reduction with respect to such Preferred Securities occurs prior to the redemption date, such Capital Reduction shall be disregarded for all purposes and shall be of no force and effect with respect to such Preferred Securities and there shall be no conversion of such Preferred Securities as provided in “ —Conversion— Conversion Upon Capital Reduction” herein and, instead, the redemption of the Preferred Securities shall take place as provided in “ Description of the Contingent Convertible Preferred Securities of BBVA—Redemption and Repurchase”in the accompanying prospectus (as amended hereby). Accordingly, the provisions described under “ —Conversion— Conversion Upon Capital Reduction” herein shall not apply to the Preferred Securities with respect to any such Capital Reduction and holders and beneficial owners of the Preferred Securities shall be deemed to have irrevocably waived their rights under Article 418 of the Spanish Companies Act. If BBVA has elected to redeem the Preferred Securities but, prior to the payment of the Redemption Price to holders, the Relevant Spanish Resolution Authority exercises its Spanish Bail-inPower with respect to the S-86

Preferred Securities, the relevant redemption notice shall be automatically rescinded and shall be of no force and effect, there shall be no redemption and consequently no payment of the
Redemption Price (and any other amounts payable in accordance with the terms of the Preferred Securities) will be due and payable.

Conversion

Conversion Upon Trigger Event

If the Trigger Event occurs at any time on or after the Closing Date, then BBVA will:

(i) not pay any Distribution on the Preferred Securities, including any accrued and unpaid Distributions, which shall be deemed to be cancelled
by BBVA in accordance with “Description of the Contingent Convertible Preferred Securities of BBVA—Payments—Distributions” in the accompanying prospectus (as amended hereby); and

(ii) irrevocably and mandatorily (and without any requirement for the consent or approval of the holders or beneficial owners of Preferred
Securities) convert all the Preferred Securities into Common Shares (the “Trigger Conversion”) to be delivered on the relevant Conversion Settlement Date. If the Trigger Event occurs, the Preferred Securities will be converted in
whole and