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BSP Accepts $500 Million Loan Proposal

03.31.2004

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has decided to accept a loan proposal submitted by a group of banks consisting of The Hongkong and Shanghai Banking Corporation Limited, HSH Nordbank AG, Standard Chartered Bank, Mizuho Financial Group, Sumitomo Mitsui Banking Corporation, DBS Bank Ltd. and Mitsubishi Securities (HK), Limited. The proposal is for a fully underwritten amount of USD 500 million. The loan structure may be a three-year bullet repayment and/or a five-year amortizing loan with an average life of three years. The proceeds of the new loan will be used for refinancing and general funding requirements of the BSP.

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