By Marisa Wong
Madison, Wis., Feb. 23 - Oversea-Chinese Banking Corp. Ltd. said it priced A$600 million of senior notes due March 5, 2015.
Interest will equal the three-month Bank Bill Swap reference rate plus 125 basis points, payable quarterly.
The notes will be issued through OCBC Bank, Sydney Branch under the bank's $5 million debt instruments program.
OCBC Bank, National Australia Bank Ltd., Royal Bank of Scotland plc and Westpac Institutional Bank are the joint lead managers and joint bookrunners for the offering, which was targeted at Australian and Asian investors.
Oversea-Chinese said it expects the notes to be rated Aa1 by Moody's Investors Service, AA- by Fitch Ratings and AA- by Standard & Poor's.
Proceeds will be used for general funding purposes.
The notes are expected to settle on March 5 and to be listed on the Singapore Exchange Securities Trading Ltd. on March 6.
Oversea-Chinese is a Singapore-based lender.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
|
| Issue: | Senior notes
|
| Amount: | A$600 million
|
| Maturity: | March 5, 2015
|
| Coupon: | Three-month Bank Bill Swap rate plus 125 bps
|
| Bookrunners: | OCBC Bank, National Australia Bank Ltd., Royal Bank of Scotland plc and Westpac Institutional Bank
|
| Announcement date: | Feb. 23
|
| Settlement date: | March 5
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA-
|
| S&P: AA-
|
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