By William Gullotti
Buffalo, N.Y., Oct. 27 – Muang Thai Life Assurance PCL issued $400 million of 3.552% fixed-rate reset notes (//BBB) due 2037, according to a listing notice on Wednesday.
The notes feature an early redemption option in the fifth year of issue.
Merrill Lynch (Singapore) Pte. Ltd. and UBS AG Singapore Branch are the joint lead managers and joint bookrunners for the offering.
According to Fitch Ratings, proceeds will be used for general corporate and capital adequacy purposes.
Listing for the notes is expected on the Singapore Exchange effective Oct. 28.
The Thailand-based insurance company offers life, savings, health, illness and accident insurance services.
Issuer: | Muang Thai Life Assurance PCL
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Amount: | $400 million
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Issue: | Fixed-rate reset subordinated notes
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Maturity: | Jan. 27, 2037
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Bookrunners: | Merrill Lynch (Singapore) Pte. Ltd. and UBS AG Singapore Branch
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Coupon: | 3.552%
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Call feature: | At the option of the issuer after five years
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Issue date: | Oct. 27
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Listing date: | Oct. 28
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Rating: | Fitch: BBB
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ISIN: | XS2396503505
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