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The Philippine National Bank (PNB) will raise additional funds from
the market though the issuance of lower tier 2 notes.
PNB disclosed it would need P3 billion to
refinance its outstanding lower tier 2 notes callable in February
2008. The bank offered the lower tier notes on June 3 and noted the
strong demand for the issue after it reached over P7 billion tenders
as of June 6.
PNB is looking to close the offer period on June
18, although it reserves the right to close the offer period earlier
subject to advice of Deustche Bank, arranger and selling agent for
the transaction.
Indicative interest rate for the notes is about
8.5 percent. The final rate will be determined by the bank in 2013.
The rate on the notes will have an initial
maturity of 10 years but callable by the bank in 2013.
-- Maricel E. Burgonio
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