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Philippines' Banco De Oro Unibank to sell PHP 2.5 billion 7½% 10-year notes
By Susanna Moon
Chicago, March 6 - Banco De Oro Unibank, Inc. said it plans to issue PHP 2.5 billion of 7½% 10-year unsecured subordinated notes qualifying as tier 2 capital.
The one-year capital program was approved by the Bangko Sentral ng Pilipinas in 2008.
The notes are callable in the fifth year.
Proceeds will be used to support planned business expansion. Funds from this issue will be used to further expand the bank's loan portfolio.
The deal was arranged by Hongkong and Shanghai Banking Corp. Ltd.
The offering period is from March 9 to March 13. The settlement date is expected to be March 20.
Banco De Oro Unibank is a commercial bank based in the Philippines.
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