BPI Capital, ING deal recognized

MANILA, Philippines – The Banker, one of the premier magazines for the world’s investment, retail and commercial banking sectors, recently awarded Manila Water Co. Inc.’s Liability Management Program as one of the 2009 Deals of the Year for Asia/Pacific. BPI Capital Corp. and ING Bank N.V., Manila branch were co-arranger of the deal.

In 2008, Manila Water appointed BPI Capital and ING Bank as its exclusive arrangers to assist the company in amending certain provisions of its debt portfolio as it embarked on a business expansion program in and beyond its East Zone concession area.

These expansion initiatives included possible joint ventures in water and wastewater projects within the Philippines and offshore. It’s lenders include the World Bank Group, German development bank DEG, European Investment Bank and several local and international commercial banks. Last October 2008, Manila Water successfully launched its maiden peso bond issue amounting to P4 billion, which was several times oversubscribed.