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Philippines' Manila Electric sets terms for PHP 5.5 billion in notes
By Devika Patel
Knoxville, Tenn., Dec. 10 - Manila Electric Co. said it will sell PHP 5.5 billion of fixed- and floating-rate corporate notes to 13 investors on Dec. 14.
The fixed-rate notes are due 2014 and were priced at the benchmark five-year PDST-F plus 125 basis points while PHP 3.9 billion was awarded for the floating-rate notes due 2015 with a price of three-month PDST-F plus 110 bps.
First Metro Investment Corp. is the lead arranger, and SB Capital Investment Corp. is co-lead arranger. Insular Investment & Trust Corp. is co-arranger.
Proceeds will be used for general corporate purposes.
The issuer is a power company based in Manila, the Philippines.
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