House bank prices deal for JG Summit

ING Barings further cements its close relationship with the Philippine corporate, launching an FRN and senior term loan.

ING Barings has priced a $100 million FRN and senior term loan for Philippines conglomerate, JG Summit at 365bp over Libor, with demand reported to be very high.

JG Summit has two outstanding bonds, one due in 2002 and the other in 2004. However, both are essentially very illiquid, given that the company has actively been buying the bonds back from the market. Indeed, with the firms sales of stakes in PCI Bank and Apo Cement, it gained...

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