(The following item was published by Basis Point, a Thomson Reuters publication)
HONG KONG - Real estate developer Century Properties Group Inc is in the market with its first syndicated loan, sources said.
Banks can join the $100 million-equivalent five-year amortising loan in either U.S. dollar or Philippine pesos.
Standard Chartered Bank is the sole mandated lead arranger and bookrunner.
The average life is slightly less than four years, sources said.
The margin is 350bp over Libor for dollar and, for pesos, 3.5 percent over the average local lending rate or 2 percent over the BSP overnight rate, whichever margin is higher.
Banks are invited to join at fees ranging from 50bp to 100bp, for ticket levels starting from $5 million.
The secured corporate loan will finance the development of seven new projects of residential and commercial properties in Manila. About 98 percent of the projects are already sold and downpayments received will be used to prepay the loan.
Listed on the Philippine Stock Exchange, Century Properties develops, markets and sells residential, office, medical and retail properties, as well as manages residential and commercial properties in the Philippines.
The company develops high-end and prestigious properties including the Trump Tower Manila and Azure Urban Resort Residences.