Malayan Banking seeks noteholders’ OK to transition floaters to SOFR

By Mary-Katherine Stinson

Lexington, Ky., March 17 – Malayan Banking Bhd. announced a written resolution for two series of floating-rate notes, seeking noteholder’s approval to transition the benchmark basis to SOFR, according to multiple notices.

The bank is seeking the approval from holders of its $30 million floating-rate notes, series 83, due Nov. 7, 2023 (ISIN: XS1903698030) and its $20 million floating-rate notes, series 102, due May 8, 2024 (ISIN: XS1991315596).

The interest basis change for the 2023 notes would transition the notes to SOFR plus 83 basis points plus a credit spread adjustment of 26.161 bps, effective May 7.

For the 2024 notes, the interest rate would change to SOFR plus 80 bps plus a credit spread adjustment of 26.161 bps, effective May 8.

Noteholders representing at least 90% of the bonds must approve the written resolutions for them to become effective.

The consent deadline is 5 a.m. ET on March 23.

The notes were originally issued under the bank’s $15 billion multicurrency medium-term note program.

The financial services company and commercial bank is based in Kuala Lumpur, Malaysia.

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