CHINA Banking Corp. (China Bank) said Monday it has settled its three-year $158-million syndicated loan one year ahead of its scheduled maturity in June 2018.
The bank said the loan was paid in two tranches, with the first payment of $60 million made in March this year and the remaining balance paid off last June 29.
China Bank Chief Operating Officer William Whang told the Philippine Stock Exchange that the strong growth in foreign currency deposits enabled the bank “to raise the balance earlier than expected.”
The bank said it also took advantage of the favorable changes in market conditions to be able to repay the loan sooner.
“China Bank successfully returned to the capital markets in June 2015 with this facility since its US$125 million floating rate certificates of deposit (FRCD) issue in 1996 and 1997,” it said.
“The proceeds of the loan were deployed into better yielding assets as well as funding for corporate borrowers and project financing deals,” China Bank added.
It said that Australia and New Zealand Banking Group Ltd. was the lead arranger and book runner for this syndicated loan, with Korea Development Bank (The Korea Development Bank – Seoul Head Office, KDB Asia Limited – Hong Kong) and Mizuho Bank, Ltd—Singapore Branch also tapped as lead arrangers.
Mega International Commercial Bank Co., Ltd., CTBC Bank Co., Ltd. Singapore, The Shanghai Commercial & Savings Bank, Ltd., Taiwan Cooperative Bank, and Taishin International Bank Co, Ltd. were also mandated as arrangers.
Established in 1920, China Bank is the commercial banking arm of tycoon Henry Sy.
with MAYVELIN U. CARABALLO