Metrobank offers P4.5 billion worth of notes

MANILA, Philippines - Metropolitan Bank and Trust Co. (Metrobank) is issuing P4.5-billion worth of debt papers to further strengthen its capital base. In a disclosure to the Philippine Stock Exchange, the company said the amount represents the balance of a capital-raising plan earlier approved by the central bank.

The new notes carry a coupon rate of 7.5 percent per annum. The offer period is on April 20 to 29 and the issue date is on May 6, 2009. ING Bank N.V. Manila Branch and Standared Chartered Bank are the joint arrangers of the offer.

They also act as selling agents, together with the Multinational Investment Bancorporation and PNB Capital and Investments Corp. The BSP had earlier approved Metrobank’s issuance of up to P10 billion in peso-denominated notes, of which P5.5 billion was issued in October 2008.