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