Six banks join SM Prime's $200-M term loan

Basis Point (Reuters)

Posted at Mar 20 2013 05:44 PM | Updated as of Mar 21 2013 01:44 AM

(The following item was published by Basis Point, a Thomson Reuters publication)

HONG KONG -- 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 totaling $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.