By Marisa Wong
Morgantown, W.Va., Nov. 2 – Cathay United Bank priced $300 million of senior financial debentures, according to a Taiwan Stock Exchange announcement.
The 30-year debentures will be issued at par with a fixed coupon of 0% and an internal rate of return of 4.1%.
This will be the bank’s third issue of debentures for 2017.
The bank said it will use proceeds to finance its medium- and long-term funding needs and to increase its funding sources through flexible fund management strategies.
Cathay United is a wholly owned subsidiary of Cathay Financial Holding Co., Ltd. Cathay Financial is a Taipei, Taiwan-based holding company for insurance, securities, banking and other financial institutions.
| Issuer: | Cathay United Bank
|
| Issue: | Senior financial debentures
|
| Amount: | $300 million
|
| Maturity: | Nov. 24, 2047
|
| Coupon: | 0%
|
| Price: | Par
|
| IRR: | 4.1%
|
| Call option: | Yes
|
| Put option: | No
|
| Announcement date: | Nov. 2
|
| Settlement date: | Nov. 24
|
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