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Thailand's TMB Bank tenders for its perpetual tier 1 securities
By Jennifer Chiou
New York, Sept. 7 - TMB Bank PCL announced the start of a cash tender offer for its $200 million of perpetual non-cumulative tier 1 securities.
In the Dutch auction procedure, holders may tender their securities at $1,040 to $1,080 per $1,000 principal amount.
Holders will also receive accrued distributions.
The early tender deadline is 7 a.m. ET on Sept. 21. The offer will end at 7 a.m. ET on Oct. 4.
TMB is also asking holders to approve amendments to the terms of the securities, adding an issuer call on May 3, 2011 at par. Those who tender will be deemed to have submitted consent.
J.P. Morgan Securities Ltd. is the dealer manager.
TMB is a state-controlled bank based in Bangkok.
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