MPIC SECURES P8-B TERM LOAN FACILITY

PANGILINAN-led Metro Pacific Investments Corp. (MPIC) on Friday said it had signed an P8 billion syndicated term loan facility with a 10-year and 15-year tenor.

In a disclosure to the Philippine Stock Exchange, MPIC said proceeds of the facility would be used to outstanding obligations of Beacon Electric Asset Holdings, Inc., a wholly owned subsidiary, and for other general corporate purposes.

MPIC said it engaged BDO Capital & Investment Corporation as arranger and bookrunner for the syndicated term loan facility. No other details were provided.

In June last year, Manny Pangilinanled PLDT, Inc. sold its entire stake in Beacon to MPIC for P21.8 billion.

in Manila Electric Co. and Global Business Power Corp.

In November last year, MPIC announced it had programmed a capital spending of P653 billion until 2022 for its subsidiaries’ future projects.

Last December, the conglomerate secured a loan facility worth P10 billion from two banks—P5 billion from BDO Unibank, Inc. and another P5 billion from Union Bank of the Philippines.

MPIC is a conglomerate with investments in water, energy, telecommunications, infrastructure, hospitals, tollways, railways, and logistics, among others.