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METROBANK Card Corp. said it has secured funds through the sale of
fixed-rate corporate notes to expand its business and refinance its
existing obligations.
In a statement, Metrobank Card, a unit of the
Metrobank group, said the borrowing totaled P2 billion.
Jose Pacifico Marcelo, First Metro Investment
Corp. (FMIC) executive vice president, said the issue was 1.6 times
oversubscribed, with offers totaling P3.2 billion.
FMIC, another Metrobank unit, served as issuer
manager for the fund-raising activity.
Marcelo said this is the fifth capital market
issuance of Metrobank Card and the second with a two-year issuance
component.
In March, the Securities and Exchange Commission
approved Metrobank Card’s plan to engage in financing activities
and authorized a P2-billion capital infusion.
Finance companies are institutions organized to
extend credit facilities to consumers and to industrial, commercial,
or agricultural enterprises, by direct lending or by discounting or
buying commercial papers or accounts receivables. Metrobank Card
serves employed or self-employed individuals.
Marcelo said the proceeds will be used to fund
Metrobank Card’s growing working capital requirements and to
refinance its existing obligations.
Participating noteholders were China Banking
Corp., Philippine National Bank, Allied Banking Corp., Development
Bank of the Philippines, Robinsons Savings Bank, Rizal Commercial
Banking Corp., East West Banking Corp., United Coconut Planters
Bank, and the Metrobank-Trust Banking Group.
Metrobank Card is a joint venture between
Metropolitan Bank and Trust Co. and New Zealand Banking Corp. (ANZ
Bank).
-- Maricel E. Burgonio
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