Nickel Asia Bares P1.6B Loan

Nickel Asia Corporation has announced the execution by its subsidiary, Jobin-SQM Inc. (JSI), of a syndicated loan agreement for up to Php1.6 billion (the “Syndicated Loan”) on August 2, 2021.

Photo Insert: Nickel Asia Corporation (NAC) head office, BGC, Taugig City

The parties to the Syndicated Loan are JSI as Borrower; Industrial and Commercial Bank of China-Manila Branch and Security Bank Corporation as Lenders; Security Bank Corporation – Trust and Asset Management as Facility Agent and Collateral Trustee; SB Capital Investment Corporation as Sole Issue Manager and Lead Arranger; and JSI’s shareholders, NAC, its subsidiary Emerging Power, Inc. (EPI), and TBEA International Engineering Co. Ltd. (TBEA) as Share Collateral Security Grantors and Sponsors.

A portion of the proceeds of the Syndicated Loan will refinance the existing loan of JSI from NAC which was used by JSI for its solar power plant expansion projects that commenced in 2020.

As stockholders of JSI, NAC, EPI and TBEA will pledge their shares in JSI to secure the obligation of JSI as Borrower, NAC will also guarantee the Debt Service Reserve Account of JSI pursuant to the Syndicated Loan.

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