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SNAP-Benguet Refinances Peso Loan Component
November 17, 2015
With the refinancing, which took effect on September 21, the USD375 million-credit facility signed in August 2008 will now be up to USD436.
23 million, coming from the company’s remaining lenders which are Nordic Investment Bank (NIB), International Finance Corporation (IFC), BDO, and BPI. Senior Manager for Treasury Dixie Diaz said that with the refinancing, SNAP-Benguet now enjoys better commercial terms that include longer term from the current 12 years to 15 years. SNAP-Benguet was also able to negotiate a lower interest rate with the new spread from 1.
5% to 1.
20% - translating to an effective interest rate of 5.
2253% for the next eight years.