Prime Bank gets approval to issue Tk300cr subordinated bond
The Bangladesh Securities and Exchange Commission (BSEC) has allowed Prime Bank Limited to issue subordinated bond worth Tk300 crore to meet its Tier-2 capital base.
The commission approved the proposal in a meeting in its office premises on Monday (26 June), it said in a press release.
The bond will be a non-convertible, unsecured, fully redeemable, floating rate subordinated bond in which the range of coupon rates will be 6% to 10%.
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The private sector lender would strengthen its Tier-2 capital base with the collected money, according to the release.
The bond will be issued among institutional investors and high-net-worth individuals through private placement at a face value of Tk1 crore per unit.
The UCB Investment will act as the Trustee of the bond while Prime Bank Investment Ltd will be an Arranger.
The bond will also enlist with the Alternative Trading Board (ATB) of the stock exchanges.
