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Leading universal bank, Security Bank Corporation, was tapped by the Petrolift Group as sole funder for its P1.8 Billion Financing Facility that will help finance its expansion plan of acquiring new-double hull petroleum tankers and retrofitting of existing single-hulled tankers into double hull. SB Capital Investment Corporation, the wholly-owned investment banking arm of Security Bank, was mandated as coordinating arranger for the loan transaction.
The Petrolift Group is the country’s leading oil and gas tankering and bulk logistics provider operating a fleet of petroleum and liquefied petroleum gas (LPG) tankers that transport petroleum products, and chemicals to major ports and depots in the country. Its clients include the oil majors: Petron Corporation, Pilipinas Shell Petroleum Corporation and Chevron.
Patricia May T. Siy, Security Bank Senior Vice President and Head of Corporate Relations Group, has reiterated the bank’s commitment to encourage emerging companies such as Petrolift achieve its business objectives. “This transaction supports Security Bank’s strategic efforts in strengthening our business relationship with Petrolift by helping them expand their business,” Siy said.
Earlier last year, Petrolift secured a P736 million term loan facility with Security Bank that was used to purchase Petro Anica, one of the most advanced shipping vessels in the country and the first double-hulled oil tanker in compliance with the government mandated policy to use double hulls in transporting oil products.
SB Capital Executive Vice President Conrado A. Gloria, Jr. said the loan facility is proof of SB Capital’s and Security Bank’s support to and faith on Petrolift Group’s business endeavors to achieve its objective of being the company of choice in the oil tankering and logistics business. “Security Bank will always support initiatives to encourage growth of companies. The bank is focused on providing emerging businesses with varied corporate finance structures that fit their plans to expand,” added Gloria.
SB Capital has been actively arranging capital enhancement facilities in the previous years by brokering multibillion peso deals for leading corporations as well as middle-market group clients belonging to various industry sectors such as property development, manufacturing and infrastructure including power through term loans, bridge financing and initial public offerings (IPO).
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