First Pacific Co. signed a $94 million, three-year loan after initially seeking $150 million and a portion that would also mature in five years, according to two people familiar with the matter.
The Hong Kong-based investment management group, which has interests in telecommunications, infrastructure and natural resources, signed the term loan with Bank of the Philippine Islands (BPI), HSBC Holdings Plc (HSBA) and Mizuho Financial Group Inc. (8411), the people said, asking not to be identified as details are private.
HSBC lent $34 million, Bank of the Philippine Islands $35 million and Mizuho $25 million and the facility pays a margin of 200 basis points more than the London interbank offered rate, the people said.
The company reduced the size of the loan and its maturity due to market volatility, one of the people said. First Pacific Group Corporate Communications Head, John Ryan, didn’t immediately respond to a mobile phone message seeking comment on the financing.
First Pacific’s main investments include shares in Philippine Long Distance Telephone Co., Metro Pacific Investments Corp., PT Indofood Sukses Makmur and Philex Mining Corp., according to its website.
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