BANK of the Philippine Islands (BPI) announced Monday, July 31, 2023, that it has signed the facility agreement for a three-year syndicated term loan facility of US$300 million with The Hongkong and Shanghai Banking Corp.
Limited and Standard Chartered Bank, (each a Mandated Lead Arranger, Bookrunner and Underwriter or MLABU and collectively, the Mandated Lead Arrangers, Bookrunners and Underwriters or the MLABUs).
The facility received an exceptional reception in syndication, and successfully upsized from the original $200 million to $300 million to partially accommodate the heavy oversubscription of more than two times.
The facility is supported by a total of 21 lenders, including the two MLABUs and 19 participating lenders.
HSBC is the facility agent.
Proceeds from the facility will be used to partly refinance BPI’s existing $600 million bond due September 2023, as well as for general corporate purposes. (PR)