Metrobank card unit secures P2B in FRNs

05/07/2008

Metrobank Card Corp., the credit card subsidiary of the Metrobank Group, has signed a fixed-rate corporate notes (FRN) facility totaling P2 billion. This is the fifth capital market issuance of Metrobank Card and the second with a two-year issuance component.

Proceeds will be used to fund Metrobank Card’s growing working capital requirements and to refinance existing obligations. First Metro Investment Corp. was the Issuer Manager of the facility.

“Despite the current changing market conditions, the P2 billion notes facility represents a reaffirmation of our confidence in Metrobank Card Corp.’s financial strength, professional management team and competitive position as one of the country’s fastest growing card companies,” said First Metro Investment executive vice president Jose Pacifico Marcelo.

Marcelo said that the issue was 1.6 times oversubscribed; reporting that they received offers totaling P3.2 billion.

Participating noteholders are China Banking Corp., Philippines National Bank, Allied Banking Corp., the 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 one of the fastest-growing credit card companies in the Philippines today. It is a joint venture between Metrobank, the country’s largest bank, and the Australia and New Zealand Banking Corp. (ANZ Bank). Metrobank’s local franchise and ANZ’s specialist credit card expertise creates one of the Philippines’ best credit card businesses with significant growth potential.

Back to top

For comments about this website:Webmaster@tribune.net.ph
The Daily Tribune © 2006