Phinma unit receives second P300-M loan
MANILA, Philippines - Phinma Corp. subsidiary Union Galvasteel Corp. (UGC) received its second P300-million, 5-year term loan on Tuesday, March 26.
The loan, which came from Security Bank, will be used to refinance a previous loan to reduce interest expense, the company said in a disclosure to the Philippine Stock Exchange.
Phinma received on March 25 a P300-million loan from BDO Unibank Inc.
It said UGC's real estate mortgage, plant site improvements, buildings, and machinery and equipment in Calamba City and Davao City would serve as collaterals for the new loan.
UGC is the steel manufacturing unit of Phinma. It produces roofing materials and galvanized and prepainted steel coils and sheets. Phinma also owns Phinma Property Holdings and Trans-Asia Oil and Energy Development Corp. - Rappler.com