Great Eastern Life Assurance Company announced on Jan 6 that it will be redeeming its $400 million 4.6% subordinated fixed rate notes on Jan 19.
The notes will be redeemed at 100% of their nominal amount with interest accrued to the redemption date.
The notes, which are issued under Great Eastern Holdings and Great Eastern Life Assurance Company’s $1 billion multicurrency medium term note programme, is due 2026.
Under the terms and conditions of the notes, the company may redeem all of the notes on any optional redemption date at their optional redemption amount together with interest accrued to the date fixed for redemption.
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The company has already sought and received the approval of the Monetary Authority of Singapore (MAS) prior to the redemption.
On the date of redemption, payment will be made to holders of the notes via the Central Depository Limited (CDP).
The notes will be cancelled upon the redemption.
As at 9.21am, shares in Great Eastern are trading 16 cents lower or 0.8% down at $19.88.
