SMC inks $200-M loan deal

San Miguel Corp. (SMC) signed in Hong Kong last Wednesday a $200-million senior unsecured term loan facility to refinance its term loan due in November 2002.

Large multinational banks received the SMC facility extremely well despite the volatility in the regional and global capital markets. General syndication for the facility was cancelled since it was heavily oversubscribed in the sub-underwriter phase.

SMC senior management, led by Faustino F. Galang, Beer Division president, and Ferdinand K. Constantino, chief finance officer, attended the signing of the facility, along with representatives of the participating banks.

JP Morgan acted as sole bookrunner for the facility. Of the total 19 banks that participated in the transaction, 16 jointed as senior arrangers and three as arrangers.