By Marisa Wong
Madison, Wis., July 7 – Security Bank Corp. said it closed the public offer period for its Basel III-compliant tier 2 notes on July 3. The bank raised a total of PHP 10 billion, according to a press release.
The bank launched the public offer on June 19.
The 10-year notes carry a coupon of 5 3/8% and will be callable after five years.
Deutsche Bank, Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank are the joint lead arrangers of the offering and selling agents. Security Bank is a limited selling agent, and Multinational Investment Bancorp. is the market maker and a selling agent.
The notes received strong demand from institutional and retail investors, the release said.
Security Bank previously said it is issuing the notes to further increase its total capital adequacy ratio in order to support the growth of its financial assets.
The issue date is set for July 11.
The bank is based in Makati City, Philippines.
| Issuer: | Security Bank Corp.
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| Issue: | Basel III-compliant tier 2 notes
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| Amount: | PHP 10 billion
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| Maturity: | 10 years
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| Coupon: | 5 3/8%
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| Call option: | After five years
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| Lead arrangers: | Deutsche Bank, Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank
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| Offer period: | June 19-July 3
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| Settlement date: | July 11
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