The Manila Times

UnionBank raises $358M in syndicated loan facility

UNION BANK of the Philippines (UnionBank) has successfully tapped the syndicated bank market through a $358-million, three-year syndicated loan facility. Despite prevailing market uncertainty and volatility, UnionBank’s syndicated financing was well-received with overwhelming response during syndication, attracting 15 lenders. The facility was upsized to $358 million or almost 2.5 times the original launch size of $150 million.

The proceeds would be used to refinance its maturing US dollar loan and existing US dollar bonds, and fund its general corporate purposes.

“This shows how UnionBank continues to gain the market’s confidence in our strategic priorities. After our P11 billion digital bond issuance in June, which was 11 times oversubscribed, we now have successfully executed this $358-million syndicated loan facility, which is almost 2.5 times upsized. This enables us to better manage our financing requirements and continue executing our strategy as the market remains volatile,” said Johnson Sia, treasurer and head of Global Markets.

The Hong Kong and Shanghai Banking Corp. Ltd. and MUFG Bank Ltd. were the mandated lead arrangers, underwriters, and bookrunners on the transaction.

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2022-11-29T08:00:00.0000000Z

2022-11-29T08:00:00.0000000Z

https://digitaledition.manilatimes.net/article/282256669510429

The Manila Times