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April 21, 2024

Metrobank inks loans to Aboitiz firms

Metropolitan Bank & Trust Co. (Metrobank) has loaned P20.5 billion to two entities owned by Aboitiz Equity Ventures Inc. (AEV) for refinancing and general corporate purposes.

The bank has extended a P15 billion loan to Therma Luzon Inc., a unit of Aboitiz Power Corp., the group’s power business arm.

The loan will finance part of Therma Luzon Inc.’s outstanding independent power producer administrators (IPPA)-related obligations to state-run Power Sector Assets and Liabilities Management Corp. (PSALM).

Meanwhile, LIMA Land Inc. also secured a P5.5- billion loan to finance the expansion of its real estate business in Batangas City.

LIMA Land aims to double the footprint of its LIMA Estate from the current 800 hectares in Lipa and Malvar in the next 10 years.

Continuing its activities in both the onshore and offshore debt market, Metrobank will use the proceeds from the loan facility to finance its general capital requirements, including the refinancing of some maturing issuances.