MANILA - Food-to-power conglomerate San Miguel Corp. has signed a 3-year $600 million loan with a mandated lead arranger (MLA) group composed of 12 banks, Reuters Loan Pricing Corp. reported on Thursday, quoting banking sources.

The deal pays a margin of 350 basis points over Libor. The 12 banks in the MLA group were paid a mandated all-in of 450 basis points.

The banks participating in the MLA group are ANZ, Bank of Tokyo-Mitsubishi UFJ, Calyon, Citigroup, Chinatrust Commercial Bank, DBS Bank, HSBC, ING Bank, Maybank, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.

San Miguel President Ramon Ang told Reuters in an interview last week the loan would be used to fund some of its acquisitions, particularly in the power sector.