Malaysia’s Maybank seeks consents to amend more floaters due 2024

Chicago, Jan. 11 – Malayan Banking Bhd. (Maybank) is seeking noteholder consent to support the benchmark transition to SOFR from Libor for its $15 million floating-rate notes due April 15, 2024 (ISIN: XS1982042001), according to a notice.

The amendment would make the interest rate SOFR plus 81 basis points with a 26.161 bps credit spread adjustment. Previously, interest was Libor plus 81 bps.

Maybank is also seeking consent for noteholder meeting provisions to allow holders to approve resolutions by way of electronic consent and to hold meetings by teleconference or videoconference.

To be approved, the proposal requires consents through a written resolution from holders of at least 90% of the outstanding nominal amount.

The effective date for the transition would be April 15.

The consent deadline is 4 a.m. ET on Jan. 26.

Hongkong and Shanghai Banking Corp. Ltd. is the fiscal and paying agent.

Questions can be directed to GCT-CF@maybank.com.

The commercial and retail bank is based in Kuala Lumpur, Malaysia.

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