PANGILINAN-led Metro Pacific Investments Corp. (MPIC) on Friday said it had signed an P8 billion syndicated term loan facility with a 10-year and 15-year tenor.
In a disclosure to the Philippine Stock Exchange, MPIC said proceeds of the facility would be used to partially finance the redemption of outstanding obligations of Beacon Electric Asset Holdings, Inc., a wholly owned subsidiary, and for other general corporate purposes.
MPIC said it engaged BDO Capital & Investment Corporation as arranger and bookrunner for the syndicated term loan facility. No other details were provided.
In June last year, Manny Pangilinan-led PLDT, Inc. sold its entire stake in Beacon to MPIC for P21.8 billion.
Beacon holds a significant stake in Manila Electric Co. and Global Business Power Corp.
In November last year, MPIC announced it had programmed a capital spending of P653 billion until 2022 for its subsidiaries’ future projects.
Last December, the conglomerate secured a loan facility worth P10 billion from two banks—P5 billion from BDO Unibank, Inc. and another P5 billion from Union Bank of the Philippines.
MPIC is a conglomerate with investments in water, energy, telecommunications, infrastructure, hospitals, tollways, railways, and logistics, among others.