By Reshmi Basu
New York, Dec. 7 - Manila Electric Co. (Meralco) said it completed a PHP 12 billion private placement of corporate notes.
The deal was divided into two parts. The issuer sold PHP 6 billion of floating-rate notes, which priced at 200 basis points more than three-month MART1 rate, and PHP 6 billion of fixed-rate notes, which will bear an interest rate of 9%.
BDO Capital & Investment Corp., BPI Capital Corp., China Banking Corp., Development Bank of the Philippines, PCI Capital Corp. and PNB Capital and Investment Corp. were joint managers and underwriters.
Settlement is scheduled to take place on Dec. 14.
Proceeds will be used to refinance existing loans and for working capital.
Meralco is a power company based in Manila, the Philippines.
Issuer: Manila Electric Co.
Issue: Two-part offering of corporate notes
Total amount: PHP12 billion
Pricing date: Dec. 6
Settlement date: Dec. 14
Joint managers: BDO Capital & Investment Corp., BPI Capital Corp., China Banking Corp., Development Bank of the Philippines, PCI Capital Corp., PNB Capital and Investment Corp.
Floating-rate notes:
Amount: PHP 6 billion
Issue: Floating-rate notes
Maturity: 2013
Spread: 200 basis points more than three-month MART1 rate
Fixed -rate notes:
Amount: PHP 6 billion
| Issue: | Fixed-rate notes
|
| Maturity: | 2013
|
| Interest rate: | 9%
|
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