Philippines: San Miguel in discussions for loan refinancing

San Miguel Corp., Philippine food and beverage conglomerate said on August 3 it is in discussions with banks to refinance a $1.15 billion bridge loan, according to Dow Jones. The loan was used to acquire National Foods Ltd., the company said in a disclosure to the local stock exchange. San Miguel executives weren't immediately available to provide further details on the refinancing plan.

The Philippine Daily Inquirer reported earlier this week that San Miguel is tapping a consortium of nine banks to arrange a $500 million loan facility to refinance a bridge loan used in acquiring National Foods.

San Miguel launched a takeover bid of National Foods in December 2004 and completed the acquisition in May.

05 August, 2005