MANILA: Philippine snacks and beverage maker Universal Robina Corp (URC) said on Tuesday it had tapped 14 banks for a NZ$742.32 million ($576 million) five-year bullet loan.
The loan was used to finance the company's $609 million acquisition of New Zealand Snack Food Holdings, the parent of Griffin's Foods Ltd, Michael Liwanag, URC's investor relations head said in an e-mail to Reuters.
ANZ, Bank of Tokyo-Mitsubishi, Citigroup and Standard Chartered were lead managers and bookrunners for the loan. Of the four banks, Bank of Tokyo committed NZ$150 million, and the other three NZ$64 million each, IFR, a Thomson Reuters unit, reported on Tuesday.
The four leads had pre-funded the deal last November, Liwanag said.
Ten other banks joined the leads and bookrunners, namely Bank of New Zealand, BNP Paribas, Commonwealth Bank of Australia, DBS Bank, HSBC, Mizuho Bank, Sumitomo Mitsui Banking Corp and Westpac, which contributed NZ$41 million each. CTBC Bank Co Ltd joined for NZ$40 million while Rabobank committed NZ$32 million, IFR said.
The loan, which is split into a NZ$420 million facility A and a NZ$322.32 million facility B, offered a top-level all-in of 185 basis points, based on a margin of 160 basis points over BKBM and a remaining average life of 4.75 years, IFR said in its report.
Griffin's Foods makes biscuits and crackers and is the number one snack food company in New Zealand.
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