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San Miguel Corp (SMC) has signed a $2bn syndicated dollar loan facility for a five year tenor at SOFR+180bp, as per sources. This marked Asia’s biggest syndicated dollar loan yet in 2024. The loan should help San Miguel ease debt repayment pressures of about $3bn due in 2024. The Philippines-based conglomerate recently reported a jump in net income by 67% YoY. SMC was said to be in talks for this loan since October last year. Earlier last year, San Miguel raised $1.33bn via a five year loan at SOFR+198.5bp. The loan comes at a time when Philippines’ central bank has asked its largest business groups to disclose foreign-debt levels.
SMC’s 5.45% Perp was trading stable at 91.05, yielding 9.35%
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