Philippines’ Rizal updates MTN program for planned $500 million notes

By Marisa Wong

Madison, Wis., Dec. 18 – Rizal Commercial Banking Corp. is planning to issue up to $500 million of senior notes and exchange its existing $250 million of senior notes due 2015 and $275 million of senior notes due 2017, according to a notice.

The company said it updated its medium-term note program of September 2011 to include these proposed transactions.

The company’s board of directors approved the update on Nov. 24.

Rizal said that with the update to its MTN program, it retains the flexibility to immediately tap the capital markets and take advantage of favorable market conditions while conforming to its medium- and long-term foreign/foreign currency borrowings plan.

The bank is based in Makati City, Philippines.

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