The infrastructure unit of San Miguel Corporation has secured a ₱100-billion syndicated loan agreement with a consortium of major Philippine banks for its ongoing Metro Rail Transit 7 project -- its first foray into mass transport systems.
Members of the consortium are BDO Unibank, Philippine National Bank , Bank of Commerce , Security Bank, and the Government Service Insurance System. Lead arrangers and bookrunners for the transaction are BDO Capital & Investment Corp., PNB Capital and Investment Corp., SB Capital Investment Corp., and BankCom-Investment Banking Group.
"The support we are getting from major Philippine banks shows that they recognize how important this project is to many Filipinos, and appreciate our overall vision of a Philippines made more progressive, resilient, and competitive, through investments in major projects such as efficient mass transport systems," he added.
Members of the consortium said they were honored to be involved in the landmark agreement for the MRT-7, which they described as an important infrastructure investment that will support the country's economic recovery. For its part, BankCom welcomed the opportunity to participate in the SMC project, which it said would"hugely uplift our society and contribute to the Group's vision of a resilient and globally competitive Philippines."
"We recognize the economic importance of the MRT-7 as it provides a much-needed mobility option for the general population that is safe, fast, and reliable. With this project, we are truly proud to enable a convenient, alternative means of transportation that will help commuters from Quezon City to Bulacan to have more time for work, family, and recreation," the bank official said.
Source: Loan Digest (loandigest.net)
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