BASIS POINT-Five banks seal $300 mln loan for Philippines' SM Prime
HONG KONG, March 26 (Basis Point) - Five banks have signed a $300 million five-year term loan for Philippine shopping mall operator SM Prime Holdings Inc, according to sources.
ANZ, Bank of Tokyo-Mitsubishi UFJ, HSBC , Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp were the banks on the club loan.
As previously reported, funds from the bullet facility are for general corporate purposes.
All-in pricing is in the low 200s, according to sources.
Meanwhile, seven banks have joined a $200 million, five-year loan led by original mandated lead arranger and bookrunner Standard Chartered Bank, according to sources.
That bullet loan offers a top all-in of 195bp via a margin of 170bp over Libor for commitments of $20 million or more in general syndication.
In March 2011, SM Prime sealed a $270 million five-year term loan that paid an all-in close to 190bp clubbed by ANZ, BTMU, Chinatrust Commercial Bank, Citigroup, ING Bank, Maybank, Mizuho, StanChart and SMBC.
By the end of this year, SM Prime's portfolio will include 48 malls in the Philippines and five in China, the company said in a press release on Feb. 18. Its Chinese malls are located in the cities of Xiamen, Jinjiang, Chengdu, Suzhou and Chongqing.