By James A.Loyola
Security Bank Corporation has raised $300 million from the issuance of 4.50 percent Senior Unsecured Fixed Rate Notes due September 2023 as a drawdown of its $1-billion Medium-Term Note Program.
The bank said this followed a successful roadshow to meet with London, Singapore and Hong Kong investors earlier this month.
“Proceeds of the Notes will be used to extend term liabilities, expand funding base, improve liquidity gaps, to fund investment and other general corporate purposes,” the bank said.
It noted that, book momentum was strong from the onset with orders totaling close to $1.1 billion at the peak covering the intended sizing 3.7 times. After pricing at the tight end of final guidance, the order book was in excess of $800 million from 68 accounts.
The offering was distributed to high-quality investors with 55 percent allocated to global fund and asset managers, 20 percent to insurance companies, and the rest went to banks, private banks and other investors.
By geography, 73 percent was allocated to accounts in Asia and 27 percent to accounts in Europe. The transaction is expected to settle on September 24, 2018.
The Notes will be listed on the Singapore Stock Exchange and are expected to have an Issue Rating of Baa2 by Moody’s.
Citigroup, CLSA, MUFG, and UBS are the joint bookrunners for the transaction.