By Marisa Wong
Morgantown, W.Va., May 23 – E.Sun Bank priced two issues of subordinated debt totaling $190 million, according to announcements by parent company E.Sun Financial Holding Co., Ltd.
The bank priced $95 million of 0% 30-year bonds with an internal rate of return of 4.21% and $95 million of 4.41% perpetual bonds.
Both sets of bonds will be issued at par on June 6.
The 30-year bonds will be callable after seven years and every five years after that. The perpetual bonds will be callable after 15 years.
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 2016.
| Issuer: | E.Sun Bank
|
| Issue: | Subordinated debt
|
| Amount: | $95 million
|
| Pricing date: | May 23
|
| Settlement date: | June 6
|
|
|
| Third issue
|
| Amount: | $95 million
|
| Maturity: | June 6, 2046
|
| Coupon: | 0%
|
| Price: | Par
|
| IRR: | 4.21%
|
| Call option: | After seven years and every five years after that
|
|
|
| Fourth issue
|
| Amount: | $95 million
|
| Maturity: | Perpetual
|
| Coupon: | 4.41%
|
| Price: | Par
|
| Yield: | 4.41%
|
| Call option: | After 15 years
|
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