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METROBANK Card Corp., the credit-card subsidiary of the
Metrobank Group, has signed a fixed-rate corporate-notes
facility totaling P2 billion.
This is
the fifth capital- market issuance of Metrobank Card and
the second with a two-year issuance component, the
company said in a statement.
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 re-affirmation 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 executive vice president Jose Pacifico Marcelo of
First Metro Investment.
Marcelo
said the issue was 1.6 times oversubscribed. The total
offers that were received reached P3.2 billion.
Participating note holders are China Banking Corp.,
Philippine 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. |
