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Maybank seeks consents to replace Libor with SOFR for four floaters
By Marisa Wong
Los Angeles, March 27 – Malayan Banking Bhd. (Maybank) is soliciting consents from holders of floating-rate notes from four series, according to a notice.
The issuer is seeking to make SOFR the benchmark interest rate, replacing Libor. The proposed new interest rate under each series would be SOFR plus the relevant margin (unchanged) plus a credit adjustment spread of 26.161 basis points.
The consent solicitation covers the following series:
• $30 million outstanding floating-rate series 82 notes due Oct. 27, 2023 (ISIN: XS1900299568) bearing interest at the benchmark rate plus a margin of 83 bps;
• $20 million outstanding floating-rate series 92 notes due March 14, 2024 (ISIN: XS1963072654) bearing interest at the benchmark rate plus a margin of 85 bps;
• $24 million outstanding floating-rate series 96 notes due March 28, 2024 (ISIN: XS1971361545) bearing interest at the benchmark rate plus a margin of 85 bps; and
• $30 million outstanding floating-rate series 101 notes due May 7, 2024 (ISIN: XS1991096691) bearing interest at the benchmark rate plus a margin of 80 bps.
Consent instructions are due by 9 p.m. ET on April 16.
Holders will vote on the proposal at separate meetings. The first meeting, for the series 82 notes, will begin at 9 p.m. ET on April 18; each subsequent meeting will begin 15 minutes after the start of the previous meeting, or after that meeting is completed (whichever is later).
Each meeting requires a quorum of one or more persons holding at least one-third in nominal amount of the notes outstanding for the relevant series.
To pass, an extraordinary resolution requires votes from a three-quarters majority.
The tabulation and information agent is Kroll Issuer Services Ltd. (attn.: Mu-yen Lo / Owen Morris; +852 2281 0114 or +44 20 7704 0880; maybank@is.kroll.com; https://deals.is.kroll.com/maybank).
The commercial and retail bank is based in Kuala Lumpur, Malaysia.
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