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First Pacific Said to Increase 3-Year Loan to $200 Million

March 14 (Bloomberg) -- First Pacific Co., the Asian utilities and resources company controlled by billionaire Anthoni Salim, plans to sign a $200 million, three-year term loan with five banks as early as this week after increasing the facility’s size from $150 million, according to a person familiar with the matter.

The so-called club loan won’t be marketed to other banks in syndication and pays a margin of 180 basis points more than the London interbank offered rate and fees of 175 basis points for an all-in rate of about 238 basis points, the person said, asking not to be identified because the details are private.

Proceeds will be used to refinance debt and for general corporate purposes, the person said. Philippine Long Distance Telephone Co., the country’s biggest phone company, is a unit of First Pacific. The company also controls Philex Mining Corp., the Philippines’ largest metals producer, and Metro Pacific Investments Corp., which has assets in the power, water, toll-road and health care sectors, according to data compiled by Bloomberg.

Metropolitan Bank & Trust pledged $50 million to the loan while Mizuho Corporate Bank Ltd., Sumitomo Mitsui Banking Corp. and Bank of the Philippine Islands lent $40 million each, the person said. China Banking Corp. lent $30 million, the person said.

To contact the reporter on this story: Katrina Nicholas in Singapore at

To contact the editor responsible for this story: Shelley Smith at

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