Malaysia’s Maybank seeks consents to amend floaters due 2023, 2024

By Marisa Wong

Los Angeles, Jan. 4 – Malayan Banking Bhd. (Maybank) issued notices that it is seeking noteholder consents to some proposed amendments to two series of notes.

Maybank is seeking to amend its $22 million floating-rate notes due Dec. 12, 2023 (ISIN: XS1920456651) and $20 million floating-rate notes due March 14, 2024 (ISIN: XS1963072142).

The issuer is seeking to replace Libor with SOFR as the interest rate benchmark and to make some changes to noteholder meeting provisions to allow holders to approve resolutions by way of electronic consent and to hold meetings by teleconference or videoconference.

If effective, the date for the proposed change in interest basis will be March 12 for the 2023 notes and March 14 for the 2024 notes.

To be approved, the proposal requires consents through a written resolution from holders of at least 90% of the outstanding nominal amount of each series.

The deadline for submitting consent instructions is 4 a.m. ET on Jan. 18.

Hongkong and Shanghai Banking Corp. Ltd. is the fiscal and paying agent.

The commercial and retail bank is based in Kuala Lumpur.

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