Thailand's TMB Bank gets tenders for $137.3 million perpetuals in Dutch auction offer

By Angela McDaniels

Tacoma, Wash., April 30 - TMB Bank PCL said it received tenders for $137.3 million of its $200 million perpetual non-cumulative tier 1 securities at or above the minimum price during a tender offer that expired on April 29.

TMB decided to increase the $100 million offer cap so that it can purchase $131.2 million of the tendered securities, according to a bank news release.

The bank will pay $570 for each $1,000 principal amount. Pricing was determined through a modified Dutch auction procedure.

Holders will also receive accrued distributions through the settlement date, which will be May 6.

The total purchase price, excluding $3.56 million of accrued distributions, is $74.79 million.

The tender offer began on April 17.

TMB is a state-controlled bank based in Bangkok.

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