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).