Singapore’s DBS Bank tenders for $550 million of subordinated floaters

By Susanna Moon

Chicago, Nov. 19 – DBS Bank Ltd. said it began a tender offer for up to $550 million principal amount of its $900 million of floating-rate subordinated notes due 2021 callable with step-up in 2016.

The total purchase price will be par for each $1,000 principal amount of notes tendered by 5 p.m. ET on Dec. 10, the early tender date.

The total payment includes an early tender premium of $20.00 per $1,000 of notes.

Those who tender after the early deadline will receive $980 per $1,000 of notes.

The offer is a part of the issuer's optimization of its capital structure under prevailing regulations and also provides liquidity to some noteholders, according to a company press release.

The tender offer will end at 5 p.m. ET on Jan. 2.

The company also will pay accrued interest to the settlement date of Jan. 8.

Notes must be tendered in minimum denominations of $100,000 and integral multiples of $1,000 after that.

Global Bondholder Services Corp. (banks and brokers call 212 430-3774 or 866 470-3900, fax 212 430-3775/3779, confirm fax by telephone 212 430-3774) is the depositary and information agent. DBS Bank Ltd. (65 6222 4261 or liabilitymanagement@dbs.com) and Citigroup Global Markets Inc. (collect 212 723-6106 or 800 558-3745) are the dealer managers.

DBS Bank is a Singapore-based financial services group.

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