Metropolitan Bank & Trust Co., Philippine Savings Bank, Philippine Business Bank and PhilTrust are among lenders being tapped by AbaCore Capital Holdings Inc. for up to P500 million in credit facilities.
AbaCore’s board authorized management to seek financing from the four banks and other financial institutions, according to a stock exchange filing.
The company, which is linked to the family of Batangas Vice Governor Hermilando “Dodo” Mandanas, did not disclose how it plans to use the proceeds.
AbaCore said the facilities may be secured by existing or new mortgages and other collateral, including third-party assets.
Its wholly owned subsidiary Philippine Regional Investment Development Corp. (PRIDE), a licensed investment house, was also authorized to negotiate loans with the same banks and other financial institutions.
PRIDE may pledge corporate properties to secure its own borrowings as well as obligations of subsidiaries and affiliates, and may act as surety for debt incurred by related companies.
AbaCore’s board separately authorized management to assign shares equivalent to up to 15% of the current authorized capital stock of Abacus Coal Exploration and Development Corp.
AbaCore has interests in real estate, financial services, gaming equipment leasing and gold and coal mining.
