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Bangko Sentral ng Pilipinas Launches USD740 Million Loan Facility

03.06.2001

Facility Type : Term Loan
Amount : USD740,000,000
Maturity : 3 years
Margin : 270bp over 6-month LIBOR
Repayment : Bullet
Participation levels : USD50m/USD30m
Upfront fees : 120bp/90bp
Facility Agent/Fiscal & Paying Agent : HSBC Manila
Status : documentation in process; 15 March expected signing

The loan facility is the first sovereign deal following the change in government.  A total of 19 banks have committed USD740M to the Bangko Sentral for the facility.  The participating banks include both domestic and foreign banks based in Asia including Japan, the United States and Europe.  The facility was 1.85x oversubscribed. The loan will refinance BSP's maturing obligations this year.  Bangko Sentral Governor Rafael B. Buenaventura said, "The substantial commitments received from a diverse group of banks are a concrete manifestation of the improved confidence of the international financial community on the Philippine economy."

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