BASIS POINT-San Miguel's $1.3 bln loan gets 8 banks so far

Tue Mar 26, 2013 3:11am EDT

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HONG KONG, March 26 (Basis Point) - Mizuho Corporate Bank is the latest bank to join Philippine conglomerate San Miguel Corp's $1.3 billion five-year bullet term loan, bringing the total number of mandated lead arrangers and bookrunners (MLAB) so far to eight, sources said.

Senior syndication has been extended to mid next week, with one or two other banks that have been processing credit approvals also potentially joining, said a source.

Launch of general syndication is targeted for early to mid April, sources said.

As previously reported, ANZ, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Maybank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp had already joined as MLABs. ANZ and StanChart have been coordinating.

Banks have been invited to join at an all-in of 266bp via a 155bp upfront fee and a margin of 235bp over Libor for underwriting commitments of $300 million or more with a targeted hold of $130 million.

The deal has an unspecified greenshoe.

One billion dollars of the loan refinances a five-year bullet loan the borrower signed in August 2010, while the remainder is for general corporate purposes, according to sources.

San Miguel has businesses spanning beverages, food and packaging. Its operations outside the Philippines extend to China, Vietnam, Indonesia, Malaysia, Thailand and Australia.

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