Muang Thai Life gives results of capped tender offer for 2037 notes

By Mary-Katherine Stinson

Lexington, Ky., July 10 – Muang Thai Life Assurance PCL gave results of its capped cash tender offer for its outstanding $400 million fixed-rate reset subordinated notes due 2037 (ISIN: XS2396503505), according to a notice.

The offer expired at 11 a.m. ET on July 7.

The offer was oversubscribed with holders tendering $135,246,000 in total principal amount of the notes.

Muang Thai has decided to accept $99,985,000 of the tendered notes for purchase, scaled by a factor of 74.999%, subject to adjustment resulting from rounding and the proposed intentions of the company.

As previously reported, the company was offering to purchase up to $100 million of the notes at 88.75, plus accrued interest.

Settlement is slated for July 13.

Following settlement, $300,015,000 of the notes will remain outstanding.

Merrill Lynch (Singapore) Pte. Ltd. (+852 3508 3514 / +44 20 7996 5420; dg.dcm_sea@bofa.com / DG.LM-EMEA@bofa.com) is the dealer manager.

Kroll Issuer Services Ltd. (+852 2281 0114 / +44 20 7704 0880; muangthai@is.kroll.com) is the tender agent.

The insurance company is based in Thailand.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.