The initial price guidance for the Notes is from 5.75% and 6.0% per annum for ten (10) years, with the final rate to be determined at the end of the offer period. PNB has the right to redeem the Tranche 2 Notes at the end of the fifth year, subject to BSP approval and certain conditions, among them that the Bank's capital adequacy ratio is at least equal to the minimum regulatory requirement. The net proceeds of the PNB Tranche 2 Notes will be used to finance asset growth and at the same time will allow the bank to maintain a strong capital base. The Bank's total capital adequacy ratio was at 21.65% as of year-end 2011.
The offering period is expected to end on 4 May 2012. Issuance will be on 9 May 2012, or such other date to be determined by PNB and LNG Bank N.V., Manila Branch, the Arranger for the issuance. First Metro Insurance Corporation and Multinational Investment Bancorporation are Selling Agents for the Tier 2 offering while PNB Capital and Investment Corporation and Allied Banking Corporation are Limited Selling Agents.
- https://www.affordablecebu.com/
