By Marisa Wong
Madison, Wis., June 27 - Malaysia's Pacific & Orient Bhd. said that its wholly owned subsidiary, Pacific & Orient Insurance Co. Bhd., issued RM 70 million of notes on Wednesday under its subordinated notes program.
The notes have a maturity of 10 years and are non-callable for five years.
The subsidiary received approval on June 19 from the Securities Commission Malaysia for an up to RM 150 million subordinated notes program with a tenor of 12 years. Each series of notes issued under the program will be issued on a 10-year non-callable five-year basis.
Proceeds from the notes will be used to repay bank loans.
Based in Kuala Lumpur, Pacific & Orient specializes in automotive insurance.
| Issuer: | Pacific & Orient Insurance Co. Bhd.
|
| Issue: | Subordinated notes
|
| Amount: | RM 70 million
|
| Maturity: | 10 years
|
| Call option: | Non-callable for five years
|
| Settlement date: | June 27
|
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