RCBC to issue up to $500-M in senior notes

MANILA - Philippine lender Rizal Commercial Banking Corp. (RCBC) said on Monday it would issue up to $500 million worth of senior notes out of a medium-term note program and launch an exchange of its 2015 and 2017 notes for other bonds.

The bank said the issuance, approved by its board of directors, will depend on "favorable market conditions and other considerations".

The bond exchange will involve the bank's existing $250 million in senior notes due 2015 and $275 million in senior notes due 2017.

The bank did not give any other details on the notes issue or the bond exchange.

In September, Taiwan's Cathay Financial Holding Co Ltd acquired a fifth of RCBC for about $400 million. The bank scrapped a $100 million stock rights offer following Cathay's entry as an investor.

source: www.abs-cbnnews.com