Metrobank extends loans to Aboitiz Equity Ventures subsidiaries
Metropolitan Bank & Trust Co. (Metrobank) recently extended a total of Php20.5 billion in loans to two strategic business units of Aboitiz Equity Ventures (AEV).
Therma Luzon, Inc., which is under the Group’s power business subsidiary Aboitiz Power, tapped Metrobank for a Php15 billion loan to support its refinancing and general corporate requirements. It signed a 10-year loan with Metrobank, maturing in 2032, to primarily finance a portion of its remaining IPPA related obligations to government-run Power Sector Assets and Liabilities Management Corp.(PSALM).
Meanwhile, LIMA Land, Inc., which is part of the Group’s infrastructure business subsidiary Aboitiz InfraCapital, was provided a Php5.5 billion loan by the Bank to bankroll the expansion of its real estate business in the LIMA Estate ecozone.
To commemorate the partnerships, Metrobank handed Therma Luzon a custom-made artwork titled Power. Power is intended to be a symbol of progress and AEV through Therma Luzon is a strong advocate of empowering Filipinos. This sculpture represents power to the people.
Meanwhile, for LIMA Land, Metrobank gave a custom-made sculpture, forged to symbolize the company’s pursuit for building infrastructures to promote growth and expansion aimed to improve the condition of the modern Filipino.
Present in the loan signing were (from left): Liza Montelibano, Aboitiz Power Chief Finance Officer; Veronica So, Aboitiz Group Treasurer; Manuel Lozano, AEV outgoing Chief Finance Officer; Mary Mylene Caparas, Metrobank Head of Institutional Banking Sector; and Rose Tiamson, Metrobank Head of Large Corporates Division, Corporate Banking Group.
