By Susanna Moon
Chicago, April 20 - Metropolitan Bank & Trust Co. said it plans to issue the balance of PHP 4.5 billion unsecured subordinated lower tier 2 notes.
The coupon will be 7½%, and the settlement date is slated for May 6.
ING Bank NV, Manila Branch and Standard Chartered Bank are the joint lead arrangers and selling agents. Multinational Investment Bancorp. and PNB Capital and Investments Corp. also are selling agents, and Metrobank and First Metro Investment Corp. are limited selling agents.
Proceeds will be used to bolster the bank's capital base.
The bank said on Sept. 4, 2008 that it planned to issue up to PHP 10 billion of peso-denominated 10-year unsecured subordinated debt eligible as lower tier 2 capital.
Of that amount, PHP 5.5 billion was issued in October 2008. The Makati City, Philippines-based bank issued the 10-year notes at 7¾% per year. Proceeds were to be used to help refinance $200 million of lower tier 2 notes, which Metrobank planned to call in December.
The bank previously said interest will equal the five-year Philippine Dealing System Treasury Fixing plus a spread with moderate step-up.
The debt will have a call option after a minimum of five years.
| Issuer: | Metropolitan Bank & Trust Co.
|
| Issue: | Lower tier 2 step-up callable subordinated notes
|
| Amount: | PHP 10 billion
|
| Maturity: | 10 years
|
| Coupon: | 7¾% for first PHP 5.5 billion, 7½% for PHP 4.5 billion
|
| Price: | Par
|
| Yield: | 7¾% for first PHP 5.5 billion, 7½% for PHP 4.5 billion
|
| Call option: | In year five
|
| Agents: | ING Bank NV and Standard Chartered Bank (leads), Multinational Investment Bank Corp., PNB Capital
|
| Settlement date: | Oct. 3, 2008 for PHP 5.5 billion, May 6 for PHP 4.5 billion
|
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