Union Bank hikes senior notes issue to $500M


UNION Bank of the Philippines has upsized its fixed-rate senior notes due 2022 under a medium term note (MTN) program.

“Further to our disclosures dated 15 and 22 November 2017, please be informed that Union Bank of the Philippines has launched an upsize of $100 million of its 3.369 percent senior notes,” it said in a statement on Monday.

“After the upsize, the total notes maturing on November 29, 2022, amount to $500 million,” it said.

The bank said proceeds of the notes will be used to refinance its existing liabilities, expand its funding base and for other general corporate purposes.

The bonds have been rated Baa2 or investment grade by Moody’s Investors Service, identical to the issuer rating given to UnionBank.

Citigroup and Standard Chartered Bank are the joint arrangers of the MTN program and the joint lead managers and joint bookrunners for the transaction.

China Bank Capital Corp. is the domestic lead manager for the transaction.

UnionBank recorded a net income of P6.4 billion in the first nine months, down 21 percent from the P8.1 billion posted in the same period in 2016.


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