Singapore’s DBS Bank: Offer is 1.3 times oversubscribed by early date

By Susanna Moon

Chicago, Dec. 11 – DBS Bank Ltd. said investors had tendered $690,471,000 of its $900 million of floating-rate subordinated notes due 2021 by 5 p.m. ET on Dec. 10, the early tender date.

As a result, the offer is 1.3 times oversubscribed as of the early tender deadline, according to a company press release.

DBS Bank began the tender offer for up to $550 million principal amount of the notes on Nov. 19. The floaters are callable with step-up in 2016.

The tender offer will continue until 5 p.m. ET on Jan. 2.

As previously announced, the total purchase price will be par for each $1,000 principal amount of notes tendered the early tender deadline.

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

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 previous press release.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.