By Marisa Wong
Morgantown, W.Va., Aug. 16 – Taichung Commercial Bank Co. Ltd. will issue NT$500 million of non-cumulative perpetual subordinated financial debentures at par with a coupon of the benchmark rate plus 308 basis points, according to a Taiwan Stock Exchange announcement.
The benchmark is the one-year term deposit floating rate with non-large amount funds as reported by the Chunghwa Post.
Taichung will have the option to call the debentures at par plus interest after five years.
The offering, the third issue of its kind for 2017, will not be underwritten.
Proceeds will be used to strengthen the bank’s capital structure and to enhance its capital adequacy ratios.
The bank is based in Taichung, Taiwan.
| Issuer: | Taichung Commercial Bank Co. Ltd.
|
| Issue: | Non-cumulative perpetual subordinated financial debentures, 2017 third issue
|
| Amount: | NT$500 million
|
| Maturity: | Perpetual
|
| Coupon: | Benchmark plus 308 bps
|
| Price: | Par
|
| Call: | After five years at par
|
| Announcement date: | Aug. 16
|
| Settlement date: | Aug. 28
|
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