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BSP Five Year Term Loan Facility Oversubscribed

07.01.2002

Bangko Sentral Governor Rafael Carlos B. Buenaventura announced the successful closing of the US$675,000,000 Five-year Term Loan Facility today, July 1, 2002 at the RCBC Plaza in Makati.  The Facility was oversubscribed and increased from the initial facility size of US$500,000,000, making it the largest Asian sovereign loan in 2002 as well as the largest US$-denominated loan in Asia (ex - Japan) year to date.

Over US$300,000,000 was raised from the general market with 15 institutions joining the Co-ordinating Arrangers in the syndicate.  The Facility received staunched support from domestic and foreign banks alike.  Syndicate members, 22 in total, comprise of various major European, Asian, Middle Eastern, North American as well as local financial institutions.  The BSP managed to attract the overwhelming response despite jitters in emerging markets.

The BSP intends top use the loan proceeds to refinance an existing term loan and floating rate note facility maturing in 2004.  The new loan facility not only reduces BSP's cost of holding international reserves, but also lengthens the maturity profile of its foreign currency obligations.  It is priced at a rate of 1.9% over six-month USD LIBOR compared to 2.7% for the existing facility.

Please see details of the co-ordinating arrangers, syndicate members, final allocations and facility agent below:

Co-ordinating Arrangers
BNP Paribas
BPI Capital Corporation
DBS Bank
ING Bank N.V.
Metropolitan Bank and trust Co.
Rizal Commercial Banking Corporation
Standard Chartered Bank 
 
Senior Lead Managers
Metropolitan Bank and trust Co. ($100 MM)
Rizal Commercial Banking Corporation ($100 MM) 
Bank of the Philippine Islands ($80 MM)
HSBC ($50 MM)
Land Bank of the Philippines ($40 MM)
 
Lead Managers
Banco De Oro Universal Bank ($30 MM)
Bank of China, Manila Branch ($30 MM) 
Chinatrust Commercial Bank, Offshore Banking Branch ($25 MM)
BNP Paribas, Manila Offishore Bank ($21 MM)
The Development Bank of Singapore Ltd. ($21 MM)
ING Bank N.V. ($21 MM) 
Standard Chartered Bank ($21 MM) 
Equitable PCI Bank ($20 MM)
KBC Bank N.V., Manila Branch ($20 MM)
Sumitomo Mitsui Banking Corporation ($20 MM)
Tokyo Mitsubishi International (HK) Limited ($20 MM)
 
Managers
Barclays Capital ($10 MM)
Citibank, N.A. ($10 MM) 
Emirates Bank International PJSC ($10 MM) 
The International Commercial Bank of China, Manila Branch ($10 MM) 
LBKiel ($10 MM) 
Bank of China, Bangkok Branch and Office of the Bangkok International Banking Facilities ($6 MM)
 
Facility Agent
Standard Chartered Banks

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