By Marisa Wong
Madison, Wis., June 16 - Banco De Oro Unibank, Inc. announced it increased the issue size of its subordinated tier 2 notes to at least PHP 8 billion from PHP 5 billion. The offer period for the notes closed on Wednesday, according to a bank press release.
The bank closed the offer period, which began on June 6, two days ahead of the originally scheduled close of June 17 due to oversubscription from retail and institutional investors. The bank said it received orders close to PHP 10 billion.
The notes were priced with a 6½% coupon and will have a maturity of 10 years and three months, with a call option exercisable after five years. The indicative interest rate is based on the 10-year PDST-F benchmark. Interest will be payable quarterly.
Proceeds will be used to fund expansion plans and enhance the bank's capital adequacy ratio.
Deutsche Bank AG, Manila Branch and the Hongkong and Shanghai Banking Corp. Ltd. are the joint lead arrangers and selling agents. Multinational Investment Bancorporation is also a selling agent for the notes, and Banco De Oro, BDO Private Bank and BDO Capital are limited selling agents.
Settlement is expected June 27.
Banco de Oro is a lender based in Mandaluyong City, the Philippines, and is owned by SM Investments Corp.
| Issuer: | Banco De Oro Unibank, Inc.
|
| Issue: | Subordinated tier 2 notes
|
| Amount: | At least PHP 8 billion
|
| Maturity: | 10 years and three months
|
| Coupon: | 6½%
|
| Call option: | After five years
|
| Agents: | Deutsche Bank AG, Manila Branch and the Hongkong and Shanghai Banking Corp. Ltd. as joint lead arrangers and selling agents; Multinational Investment Bancorporation as selling agent; and Banco De Oro, BDO Private Bank and BDO Capital as limited selling agents
|
| Pricing date: | June 15
|
| Settlement date: | June 27
|
© 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.
