PHILIPPINES: Tanduay takes out US$81m loan
Rum maker Tanduay Distillers has reportedly signed a PHP4.2bn (US$81.55m) five-year syndicated loan agreement.
The Philippines-based company, a subsidiary of Tanduay Holdings, has arranged the loan with BDO Capital & Investment Corporation, Dow Jones said yesterday (14 February). According to the reports, PNB Capital and Investment will be the financial advisor and PNB Trust Banking Group will act as facility agent.
The loan will reportedly be used for Tanduay Distillers' general operating requirements, which include plant expansion, and to refinance existing short-term loans.
In July 2005, just-drinks reported that Tanduay acquired a majority stake in Asian Alcohol Corporation, paying PHP349.5m (US$6.27m) for the 90% holding. Tanduay Holdings also announced at the time that it was allotting PHP2bn over the next three years for acquisitions and the building of a new bottling plant.
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