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Muang Thai Life gives results of capped tender offer for 2037 notes
By Mary-Katherine Stinson
Lexington, Ky., July 10 – Muang Thai Life Assurance PCL gave results of its capped cash tender offer for its outstanding $400 million fixed-rate reset subordinated notes due 2037 (ISIN: XS2396503505), according to a notice.
The offer expired at 11 a.m. ET on July 7.
The offer was oversubscribed with holders tendering $135,246,000 in total principal amount of the notes.
Muang Thai has decided to accept $99,985,000 of the tendered notes for purchase, scaled by a factor of 74.999%, subject to adjustment resulting from rounding and the proposed intentions of the company.
As previously reported, the company was offering to purchase up to $100 million of the notes at 88.75, plus accrued interest.
Settlement is slated for July 13.
Following settlement, $300,015,000 of the notes will remain outstanding.
Merrill Lynch (Singapore) Pte. Ltd. (+852 3508 3514 / +44 20 7996 5420; dg.dcm_sea@bofa.com / DG.LM-EMEA@bofa.com) is the dealer manager.
Kroll Issuer Services Ltd. (+852 2281 0114 / +44 20 7704 0880; muangthai@is.kroll.com) is the tender agent.
The insurance company is based in Thailand.
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