Commerce Asset sells $110m bonds

Commerce Asset sells $110m bonds

KUALA LUMPUR: Commerce Asset-Holding Bhd., Malaysia's No. 2 lender by assets, sold US$110 million of bonds convertible into its own shares.

The Kuala Lumpur-based lender sold five-year bonds, paying zero percent interest, according to Bloomberg data. The bonds are exchangeable into stock of Commerce Asset at 6.03 ringgit a share, a 30 percent premium to the bank's closing stock price on Wednesday.

The bonds can be redeemed by the company or holders of the debt at 107.758 percent of face value, the terms say. The company may sell a further $15 million of the bonds, depending on demand. The sale is being arranged by JPMorgan Chase & Co., Morgan Stanley and CIMB Bhd., the statement said. -- Bloomberg