Bank of East Asia sets $450 million cap for 5 5/8% notes tender offer

By Susanna Moon

Chicago, July 16 - Bank of East Asia, Ltd. said it plans to buy back up to $450 million of its $550 million 5 5/8% subordinated notes due 2015 in its tender offer.

The bank will purchase the notes at par in cash.

Funding for the offer will come from the bank's issue of $450 million 6 1/8% subordinated notes due 2020, which was expected to close on July 16.

The tender offer was announced on July 9, and the bank said it would determine the maximum amount of notes to be purchased in the offer after setting the size of the new issue of notes.

The tender offer will end July 19.

Hong Kong-based Bank of East Asia is a retail and commercial bank for Hong Kong and mainland China.

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