By Susanna Moon
Chicago, Jan. 8 – E.Sun Bank priced $480 million of subordinated notes in two tranches, according to announcements by parent company E.Sun Financial Holding Co., Ltd.
In the first issue, the bank priced $240 million of 30-year zero-coupon unsecured subordinated notes at par with an internal rate of return of 4.88%.
The bank also issued $240 million of 5.1% perpetual subordinated notes.
Proceeds will be used to strengthen the company’s capital structure and enhance the BIS ratio.
In a third release, the company said it plans to issue NT$5 billion of senior corporate bonds with an issue period of five to 10 years.
The funding will be used to invest in subsidiaries and to repay debt, the company said.
The issue is a Taipei, Taiwan-based bank.
| Issuer: | E.Sun Bank
|
| Issue: | Subordinate financial debentures
|
| Amount: | $480 million
|
| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 22
|
|
|
| 30-year bonds
|
| Amount: | $240 million
|
| Maturity: | Jan. 22, 2046
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 4.88%
|
| Call option: | At par after seven years and every five years afterward
|
|
|
| Perpetual issue
|
| Amount: | $240 million
|
| Maturity: | Perpetual
|
| Coupon: | 5.1%
|
| Price: | Par
|
| Yield: | 5.1%
|
| Call option: | After 15 years with some conditions
|
© 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.
