HONG KONG, Jan 28 (Basis Point) - Deutsche Bank and Standard
Chartered Bank have been mandated by San Miguel Corp
for a one-year bridge loan which funds the takeout of an
outstanding $600 million in exchangeable notes due in 2014,
according to sources.
The loan size is $650 million and is fully underwritten by
the banks, said a source familiar with the matter.
The deal has an opening margin of 165bp over Libor, stepping
up to 200bp over Libor after six months, according to sources.
San Miguel launched on Jan. 24 the tender offer for
redemption of the 2014 notes. The notes, issued in 2011, are
listed on the Singapore stock exchange.
The tender offer closes on Tuesday.