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Maybank garners consents for one note; lacks quorums for three
Chicago, April 19 – Malayan Banking Bhd. (Maybank) announced the results of its consent solicitations for four series of floating-rate notes to move the benchmark basis away from Libor, according to an announcement.
The bank is suggesting a SOFR replacement with a credit adjustment spread of 26.161 basis points.
The consent solicitation covered the following series:
• $30 million outstanding floating-rate series 82 notes due Oct. 27, 2023 (ISIN: XS1900299568) bearing interest at the benchmark rate plus a margin of 83 bps;
• $20 million outstanding floating-rate series 92 notes due March 14, 2024 (ISIN: XS1963072654) bearing interest at the benchmark rate plus a margin of 85 bps;
• $24 million outstanding floating-rate series 96 notes due March 28, 2024 (ISIN: XS1971361545) bearing interest at the benchmark rate plus a margin of 85 bps; and
• $30 million outstanding floating-rate series 101 notes due May 7, 2024 (ISIN: XS1991096691) bearing interest at the benchmark rate plus a margin of 80 bps.
The extraordinary resolution was passed for the second series, the series 92 notes, at the meeting held on April 19.
The other three meetings were not quorate.
The bank will hold adjourned meetings at a later time.
Each meeting requires a quorum of one or more persons holding at least one-third in nominal amount of the notes outstanding for the relevant series.
To pass, an extraordinary resolution requires votes from a three-quarters majority.
The tabulation and information agent is Kroll Issuer Services Ltd. (attn.: Mu-yen Lo / Owen Morris; +852 2281 0114 or +44 20 7704 0880; maybank@is.kroll.com; https://deals.is.kroll.com/maybank).
The commercial and retail bank is based in Kuala Lumpur, Malaysia.
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