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Dec 15, 2017 @ 16:32

Apex Mining prepays P2.25B loan

 

Apex Mining Co. Inc. drew down P2.5 billion under a seven-year term loan facility with the Philippine National Bank.

The money would be used primarily to immediately prepay the mining firm’s outstanding short-term loan of P2.25 billion with BDO Unibank Inc. This effectively converts part of the company’s short-term bank loan obligations into long-term, thereby improving Apex Mining’s financial position.

Apex has other outstanding short-term bank loans with Union Bank of the Philippines for $8 million (P407 million) and the Rizal Commercial Banking Corp. (P405 million).

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