PSE Circular for Brokers No. 1444-99
PSE Circular for Brokers No. 1444-99 • Philippine Stock Exchange • Circulars for Brokers • Jun 21, 1999
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June 21, 1999 PSE CIRCULAR FOR BROKERS NO. 1444-99 June 18, 1999 The Philippine Stock Exchange PSE Centre, Exchange Road Ortigas Center, Pasig City Attention: Compliance and Surveillance Dept . Gentlemen : This is to advise you that on June 17, 1999 in Washington D.C., the International Finance Corporation (IFC) and the Pryce Gases, Inc., (the LPG/industrial gas subsidiary of Pryce Corporation) represented by its Chairman, Mr. Salvador P. Esano, formally signed the investment/loan documents covering a US$18 million financial facility consisting of: a) US$15 million secured loan with a term of 7 years with three years grace period on principal repayment. The loan will carry interest of 3% over the London Inter-Bank Offered Rate (Libor) LexLib This loan is syndicated and funded as follows: US$ 10 million from IFC itself US$ 5 million from the Netherlands Development Finance Company (FMO) b) US$ 3 million subordinated loan, convertible to equity in PGI before the end of the year 2000 based on a certain agreed-upon pricing formula. LLcd The proceeds of the facility will be utilized to fund PGI's on-going construction of five (5) LPG marine terminals and eleven (11) lorry-fed refilling plants for the import, storage, and distribution of LPG in the Visayas and Mindanao regions. For your information. Very truly yours, (SGD.) REY NATHANIEL C. IFURUNG Corporate Secretary
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