KUALA LUMPUR: CIMB Group Holdings Bhd has completed the issuance of RM750 million cumulative subordinated fixed rate notes, which is part of the RM3 billion isuance pogramme approved by the Securities Commission in June 2009.
CIMB said on Tuesday, April 6 the issuance of the RM750 million notes was completed on Monday. The subordinated notes and the programme are rated AA3 by RAM Rating Services Bhd.
The RM750 million subordinated notes comprise a callable five-year tranche amounting to RM150 million, and a callable 10 year tranche amounting to RM600 million.
Both tranches have a maturity of 50 years, with the five-year tranche having a call option for the issuer to redeem at year five and on each subsequent coupon payment date, and the 10 year tranche having a call option for the issuer to redeem at year 10 and on each subsequent coupon payment date.
The five-year tranche pays a semi annual coupon of 5.3% per annum whilst the 10 year tranche pays a coupon of 6.35% p.a. If the issuer does not redeem the subordinated notes on the respective first call date, the coupon will be stepped up by 2.0%.
"Proceeds from the issuance of the subordinated notes shall be utilised by CIMB Group for its working capital and other general corporate purposes," it said.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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