By Marisa Wong
Morgantown, W.Va., Oct. 14 – E.Sun Bank priced $106 million of subordinated debt in two tranches, according to announcements by parent company E.Sun Financial Holding Co., Ltd.
The bank priced $63 million of 30-year bonds with a 0% coupon and a 4.88% internal rate of return. The 30-year bonds are conditionally callable after seven years and every five years after that.
The bank also priced $43 million of perpetual bonds with a fixed coupon of 5.1%. The perpetual bonds are conditionally callable after 15 years.
Both tranches will be issued at par on Oct. 28.
Proceeds will be used to strengthen the company’s capital structure and enhance the BIS ratio.
These are the Taipei, Taiwan-based bank’s third and fourth issues of subordinated debt for 2015.
| Issuer: | E.Sun Bank
|
| Issue: | Subordinated debt
|
| Amount: | $106 million
|
| Pricing date: | Oct. 14
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| Settlement date: | Oct. 28
|
|
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| Third issue 2015
|
| Amount: | $63 million
|
| Maturity: | Oct. 28, 2045
|
| Coupon: | 0%; IRR: 4.88%
|
| Price: | Par
|
| Yield: | 0%
|
| Call option: | Conditionally after seven years and every five years after that
|
|
|
| Fourth issue 2015
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| Amount: | $43 million
|
| Maturity: | Perpetual
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| Coupon: | 5.1%
|
| Price: | Par
|
| Yield: | 5.1%
|
| Call option: | Conditionally after 15 years
|
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