March 20, 2013 / 9:02 AM / 5 years ago

BASIS POINT-Six banks join Philippine SM Prime's $200 mln term loan

HONG KONG, March 20 (Basis Point) - Six banks have so far joined Philippine shopping mall developer and operator SM Prime Holdings Inc’s $200 million five-year term loan, sources said.

Among the six, Chinatrust Commercial Bank came in to share the equal-status mandated lead arranger and bookrunner title with Standard Chartered Bank.

The deal is almost fully subscribed, with commitments totalling $150 million from the six banks.

As reported earlier, the bullet loan offers a margin of 170bp over Libor.

Banks committing $20 million or more get an all-in of 195bp via a fee of 125bp, and the lead arranger title, while those committing $10 million to $19 million get an all-in of 190bp via a 100bp fee, and the arranger title.

There is a greenshoe option to increase the loan by up to $50 million. Funds are for working capital and capital expenditure.

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