Malaysia's OSK says to raise 400 mln rgt in debt
KUALA LUMPUR, May 14 (Reuters) - Malaysia's OSK Investment Bank (OSKH.KL) aims to raise up to 400 million ringgit ($122.5 million) in medium-term note programme, the lead arrangers said on Wednesday.
The Malaysian units of OCBC Bank (OCBC.SI) and Standard Chartered Bank (STAN.L) have been appointed joint lead arrangers, joint lead managers and joint bookrunners for the issue, they said in a statement.
The MTN programme will have a tenor of 12 years from the first issue of the subordinated notes, the statement said. The subordinated notes will qualify as OSK Investment Bank's Tier- 2 capital.
The additional capital will be used for OSK Investment Bank's general corporate and business purposes, including investments and working capital.
"The issuance is an integral part of OSK Investment Bank's capital management strategy in view of its expansion of business activities and market coverage in Malaysia and the ASEAN region," the statement said.
The subordinated notes will have tenure of 10 years from issue date, callable after five years.
The first issuance of subordinated notes is expected to be for 250 million ringgit with the right to upsize upon completion of the book-build process, OSK said. (Reporting by Jalil Hamid; Editing by Ramthan Hussain)
