By Marisa Wong
Morgantown, W.Va., Sept. 19 – Security Bank Corp. announced it priced $300 million of 4½% five-year senior notes.
The notes (expected: Baa2) were a drawdown of the bank’s recently launched $1 billion medium-term note program following a roadshow to meet with investors in London, Singapore and Hong Kong on Sept. 4-5, 11 and 12.
Citigroup, CLSA, MUFG and UBS are the joint bookrunners.
The company said that book momentum was strong from the start of the offer with orders totaling almost $1.1 billion at the peak, or 3.7 times the planned offering. After pricing at the tight end of final guidance, the order book totaled over $800 million from 68 accounts, according to a press release.
By investor, 55% of the offering was allocated to global fund and asset managers, 20% to insurance companies and the rest to banks, private banks and other investors. By geography, 73% was allocated to accounts in Asia and 27% to accounts in Europe.
Proceeds will be used to extend term liabilities, to expand the bank’s funding base, to improve liquidity gaps, to fund investments and for other general corporate purposes.
Settlement is slated for Sept. 24.
The bank is based in Makati City, Philippines.
| Issuer: | Security Bank Corp.
|
| Issue: | Senior fixed-rate notes
|
| Amount: | $300 million
|
| Maturity: | September 2023
|
| Bookrunners: | Citigroup, CLSA, MUFG and UBS
|
| Coupon: | 4½%
|
| Announcement date: | Sept. 19
|
| Settlement date: | Sept. 24
|
| Expected rating: | Moody’s: Baa2
|
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