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Security Bank Corp. said Thursday it issued $400 million of 5.50-percent senior unsecured fixed-rate notes due May 14, 2029 as a drawdown of its board-approved $1-billion medium term note program.The bank said it would use the proceeds to expand funding base, fund investments and other general corporate purposes.
The bonds were marketed at an initial pricing guidance of US treasuries plus 140bps. Orders reached more than $1.5 billion, covering the final book size by more than 3.75x.This was the largest orderbook size in the bank’s history of debt issuances. The strong interest in the notes led to a historic spread of 110bps for the bank.
The notes will be listed on the Singapore Exchange and are expected to have an issue rating of Baa2 by Moody’s.
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