Union Bank of the Philippines (UnionBank) has tapped the syndicated bank market through a $358 million three-year syndicated loan facility.

Despite prevailing market uncertainty and volatility, UnionBank’s syndicated financing was well-received with an overwhelming response during syndication, attracting 15 lenders. The facility was upsized to $358 million, or almost 2.5 times the original launch size of $150 million.

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The proceeds will be used to refinance its maturing USD loan and existing USD bonds, and fund its general corporate purposes.

“This shows how UnionBank continues to gain the market’s confidence in our strategic priorities,” said Johnson L. Sia, treasurer and head of Global Markets. “After our P11 billion digital bond issuance in June, which was 11 times oversubscribed, we now have successfully executed this $358 million syndicated loan facility, which is almost 2.5 times upsized. This enables us to better manage our financing requirements and continue executing our strategy as the market remains volatile.”

The Hongkong and Shanghai Banking Corporation Limited and MUFG Bank, Ltd. were the Mandated Lead Arrangers, Underwriters, and Bookrunners on the transaction.