Thailand's Siam City Bank to amend, redeem debentures due 2019

By Marisa Wong

Madison, Wis., Feb. 24 - Siam City Bank PCL said it will seek approval from debenture holders to amend the terms of its subordinated debentures due 2019 at a meeting on April 25.

Siam City is seeking to amend, among other things, the maturity date of its subordinated debentures. The bank wants to move up the maturity date to June 20, 2011 from June 19, 2019.

The amendments are part of the ongoing transfer of Siam City Bank's entire business to majority shareholder Thanachart Bank PCL.

As a result of the business integration, the Bank of Thailand has approved an early redemption of Siam City Bank's subordinated debentures.

The Bank of Thailand has also approved the issue of Thanachart subordinated debentures under the same coupon, maturity and terms and conditions as Siam City's debentures. Holders will be able to exchange their Siam City debentures for the Thanachart debentures.

Siam City Bank is based in Bangkok.

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