Taiwan Business Bank Co. Ltd. plans to raise US$120 million through the issuance of unsecured senior debentures.

The bank said Oct. 12 that the bonds will carry an internal rate of return of 4.1%. The bonds will be issued Oct. 27 and will mature Oct. 27, 2047.

The bank said it will use proceeds from the issue to diversify its funding sources and enhance its long-term working capital.