By Reshmi Basu
New York, Aug. 14 - Public Bank Bhd. said it sold $200 million of tier I capital securities (Baa2/BBB) on Monday.
The issue priced at par to yield 6.84% and is non-callable for 10 years. If not called, the coupon will step up by 100 basis points.
The notes mature after 30 years via stock settlement.
Proceeds will be used for working capital, for general banking purposes and for other corporate purposes.
The issuer is based in Kuala Lumpur, Malaysia, and is one of Malaysia's largest integrated banking groups.
Barclays Capital was the bookrunner for the Regulation S transaction.
Public Bank launched a roadshow in early June and then but put the deal on hold due to market turbulence.
Investors in the new deal included insurance companies, asset managers, banks and private banks.
| Issuer: | Public Bank Bhd.
|
| Amount: | $200 million
|
| Issue: | Tier I subordinated securities
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| Maturity: | Aug. 22, 2036
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| Coupon: | 6.84%
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| Issue price: | Par
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| Yield: | 6.84%
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| Call option: | Callable on Aug. 22, 2016
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 22
|
| Bookrunner: | Barclays Capital
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Distribution: | Regulation S
|
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