HONG KONG - Four banks have clubbed together a $300 million five-year term loan for Philippine Long Distance Telephone Co., according to sources.

The four -- ANZ, Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp -- each provided $75 million.

All-in pricing on the deal, which has an average life of three years, is less than 200bp, according to a source.

Signing took place on Jan. 16, and the proceeds will refinance existing debt.