EXIM Thailand starts consent solicitation for Libor cessation

Chicago, Jan. 30 – Export-Import Bank of Thailand started a consent solicitation for two floating-rate notes on Monday, according to an announcement.

The consent solicitation relates to the issuer’s $300 million floating-rate notes due 2023 (ISIN: XS1910821682) and its $300 million floating-rate notes due 2024 (ISIN: XS1997071243).

On both series, the full principal amount is outstanding.

The current interest rate for the notes due 2023 is Libor plus 90 basis points and is Libor plus 85 bps for the notes due 2024.

The bank is soliciting consents to transition the benchmark to SOFR from Libor for the notes, starting with the interest payment date after June 30.

The interest rate would transition to SOFR plus a reference rate adjustment and then the current respective margins.

The current reference rate adjustment is 26.161 bps.

The expiration deadline for valid consent instructions is 11 a.m. ET on Feb. 16.

Noteholder meetings will be held starting at 9 p.m. ET on Feb. 20.

The solicitation agents are HSBC Ltd., Singapore Branch (hsbcdcmsg@hsbc.com.sg), Mizuho Securities Asia Ltd. (AS_DCM@hk.mizuho-sc.com) and Standard Chartered Bank (Singapore) Ltd. (DCM.Singapore@sc.com).

Morrow Sodali Ltd. is the information and tabulation agent (+44 20 4513 6933, +852 2319 4130, exim@investor.morrowsodali.com, https://projects.morrowsodali.com/exim).

The bank is based in Bangkok.

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