| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers B > Headlines for BPI Family Savings Bank, Inc. > News item |
BPI Family Savings gives final consent count for 4.3% bonds due 2022
By Rebecca Melvin
Concord, N.H., Aug. 17 – Philippines’ BPI Family Savings Bank, Inc. announced that 98.87% of the holders of its Philippine peso-denominated 4.3% bonds due 2022 approved its proposed merger with the Bank of the Philippine Islands, according to a company news release.
The notes were issued in December 2019.
As previously reported, BPI Family Savings ended its consent solicitation early, at 12 a.m. ET on Aug. 6 instead of 12 a.m. ET on Aug. 24.
As announced on July 6, the merger will not alter the interest rate or maturity date of the 4.3% bonds due 2022. However, once the merger becomes effective, Bank of the Philippine Islands will assume BPI Family Savings’ obligations under the bonds.
The merger was approved by the companies’ boards of directors in January and by shareholders in April.
The issuer paid a consent fee of PHP 1.00 per PHP 1,000 principal amount of bonds.
Land Bank of the Philippines – Trust Banking Group is the trustee. BPI Capital Corp. is the consent solicitation adviser.
Both banks are based in Makati City, Philippines.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.