Philippine Savings Bank prices offer for PHP 3 billion notes due 2024

By Susanna Moon

Chicago, May 14 - Philippine Savings Bank said it priced its offer for up to PHP 3 billion of tier 2 notes at 5½% and cut short the offer period due to overwhelming demand.

The offer ended on May 14, with the issue date set for May 23, according to a bank notice. The offer period originally was expected to run from May 9 to May 16.

The bank said on May 9 that the notes will have a maturity of 10¼ years with a call option after 5¼ years.

Proceeds from the tier 2 notes will be used to strengthen the bank's capital base and allow it to expand its banking operations.

ING Bank is the arranger and selling agent with Multinational Investment Bancorp. as selling agent and market maker and Philippine Savings Bank and First Metro Investment Corp. as limited selling agents.

Philippine Ratings Corp. has assigned a rating of PRS Aaa to the tier 2 notes.

PSBank is a Makati City, Philippines-based subsidiary of Metrobank Group.

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