6 banks fund $65-M FCDU loan

A six-bank syndication scheme was formed to finance a seven-year, $65-million foreign currency deposit unit loan (FCDU) for the Ayala-led Manila Water Co.

The loan package sets favorable benchmarks for a Philippine peso-dollar term loan in terms of interest rates, officials of Manila Water said.

The members of the bank syndicate are Bando de Oro, Rizal Commercial Banking Corp. (RCBC), Global Business Bank, China Trust, China Banking Corp., and Maybank Philippines Inc.

A significant portion of the loan targets increased water and sewerage services to an estimated 500,000 persons living in depressed communities in the east zone of Metro Manila. – TPTorres