UnionBank borrows $358M to retire heavier loans

Union Bank of the Philippines raised $358 million through a syndicated loan facility after attracting 15 lenders, the proceeds of which are earmarked to refinance its obligations.

In a disclosure on Friday, the Aboitiz-led bank said the three-year loan facility, which had an original launch size of $150 million, was upsized by nearly 2.5 times.

Proceeds will go to the refinancing of maturing dollar-denominated loans and bonds and funding of general corporate matters.

“This shows how UnionBank continues to gain the market’s confidence in our strategic priorities. This enables us to better manage our financing requirements and continue executing our strategy as the market remains …

Keep on reading: UnionBank borrows $358M to retire heavier loans