Malaysia's AMMB to issue up to RM 2 billion senior, subordinated notes

By Marisa Wong

Madison, Wis., May 14 - AMMB Holdings Bhd. said it plans to issue up to RM 2 billion of senior and/or subordinated notes under a medium-term note program.

The Securities Commission Malaysia approved the MTN program on May 10, according to a company announcement.

AmInvestment Bank Bhd., an investment bank subsidiary of AMMB, is the lead arranger and lead manager for the MTN program.

The program has a tenor of 30 years from the date of the first issuance of notes. The notes will have maturities of at least one year and up to 30 years.

Proceeds will be used for capital expenditures, investments, working capital and other general funding requirements, as well as to repay existing bank debt.

RAM Rating Services Bhd. has assigned preliminary long-term ratings of A1 and A2 to the senior notes and subordinated notes, respectively.

AMMB is a Kuala Lumpur, Malaysia-based retail and commercial bank.

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