By Susanna Moon
Chicago, Aug. 26 - Oversea-Chinese Banking Corp. Ltd. (Aa3/A-/A+) said it will now offer S$1.5 billion in 5.1% 10-year non-cumulative, non-convertible guaranteed preference shares.
The issuer priced S$1 billion of the preferreds on Aug. 11.
If the preference shares are not redeemed by Sept. 20, 2018, they will pay a floating-rate dividend of the three-month Singapore dollar swap offer rate plus 250 basis points.
One-quarter of the shares offered will be sold to the general public through ATM machines in multiples of 100 shares worth S$100 each for a total of S$10,000.
Proceeds from the Regulation S offering will be used to strengthen the bank's capital position in order to restructure its finances and grow its business.
Oversea-Chinese Banking is a Singapore-based retail and commercial bank.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
|
| Amount: | S$1.5 billion
|
| Issue: | Non-cumulative, non-convertible guaranteed preference shares
|
| Maturity: | 10 years
|
| Dividend: | 5.1%
|
| Price: | S$100 per share
|
| Pricing date: | Aug. 11
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A-
|
| Fitch: A+
|
| Distribution: | Regulation S
|
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