By Marisa Wong
Madison, Wis., June 9 - Philippine National Bank said it closed its offering of subordinated notes qualifying as lower tier 2 capital on Wednesday. The bank issued PHP 6.5 billion of 6¾% notes due 2021.
The bank said that the offering was completed earlier than expected and that there was strong demand from retail and institutional investors. As a result, the total issue size was increased to PHP 6.5 billion.
ING Bank NV, Manila Branch was the lead manager and bookrunner. First Metro Investment Corp. and Multinational Investment Bancorp. were selling agents, and Philippine National Bank, PNB Capital and Investment Corp. and Allied Banking Corp. were limited selling agents.
The notes are callable after the end of the fifth year.
Proceeds will be used to refinance the bank's PHP 5.5 billion lower tier 2 notes callable in 2011, to finance asset growth and to strengthen the bank's capital base.
Philippine National is a Pasay City, Philippines-based commercial and retail bank.
| Issuer: | Philippine National Bank
|
| Issue: | Subordinated notes qualifying as lower tier 2 capital
|
| Amount: | PHP 6.5 billion (upsized)
|
| Maturity: | 2021
|
| Coupon: | 6¾%
|
| Call option: | After five years
|
| Agents: | ING Bank NV, Manila Branch (lead manager and bookrunner); First Metro Investment Corp. and Multinational Investment Bancorp. (selling agents); Philippine National Bank, PNB Capital and Investment Corp. and Allied Banking Corp. (limited selling agents)
|
| Settlement date: | June 8
|
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