By Lisa Kerner
Charlotte, N.C., June 25 - Shin Kong Bank plans to issue NT$3 billion of perpetual non-cumulative subordinated financial debentures on Wednesday, according to a news release from Shin Kong Financial Holding Co. Ltd.
The coupon rate of the debentures is fixed at 3.5% per year from the issue date to the 10th year.
If the bank does not redeem the debentures, the coupon rate will be adjusted to a fixed annual rate of 4.5%.
Proceeds are to go toward enhancing the company's financial structure, improving capital adequacy ratios and raising stable mid-to-long-term funds.
No additional details were provided.
Taipei, Taiwan-based Shin Kong is an investment holding company.
| Issuer: | Shin Kong Bank
|
| Issue: | Perpetual non-cumulative subordinated financial debentures
|
| Amount: | NT$3 billion
|
| Coupon: | 3.5% for 10 years, then 4.5%
|
| Call option: | Yes
|
| Pricing date: | June 25
|
| Settlement date: | June 30
|
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