Apex Mining Signs US$108M Term Loan with BNCOM and PNB

Apex Mining Co., Inc signed on December 18,2024 a US$108 Million Omnibus Loan and Security Agreement (OLSA) with Philippine National Bank and Bank of Commerce.

This term loan will convert the existing short-term borrowings with Bank of Commerce into a long-term loan and will secure the fund for the remaining installments of the 100% share acquisition of Asia Alliance Mining Resources., Corp (AAMRC). The OLSA will be drawn annually in 3 tranches until 2026 and will be repaid quarterly for five (5) years from the drawdown dates. The OLSA is secured by AAMRC's shares.

An affiliate of San Miguel Corporation (SMC) since 2008, Bank of Commerce is a publicly-listed universal bank focused on helping its clients, communities and conglomerate partners by delivering the best choice of financial services harnessing the strengths of the SMC Group. Bank of Commerce is identified by its logo bearing the SMC symbols of escudo and cloverleaf, and by the trademark license short name "BankCom" granted by the Intellectual Property Office (IPO) in 2020. BankCom traces its origins to the Overseas Bank of Manila which opened in Binondo, Manila in 1963.

BankCom marked its 60th anniversary in 2023, ending the year with a record high net income of P2.8 billion, outperforming its full-year 2022 profit of P1.8 billion by 56%, the highest growth among listed Philippine banks. BankCom maintains a network of 140 branches and 250 automated teller machines (ATMs) as of March 31, 2024, strategically located nationwide.

Philippine National Bank is one of the country’s largest private universal banks in terms of assets and deposits. It provides a full range of banking and other financial services to its highly diverse clientele comprised of individual depositors, small and medium enterprises, domestic and international corporations, government institutions, and overseas Filipinos.

​Apex Mining (APX) is a publicly listed mining company. It operates the Maco Gold Mine in Maco, Davao de Oro while its fully owned subsidiary, Itogon-Suyoc Resources, operates two mines in Benguet (Sangilo Mine in Itogon and Suyoc Mine in Mankayan). Another fully owned subsidiary, Monte Oro Resources, Inc. operates the other business interests of APX, both in the country and abroad. In February 2023, APX took over Asia Alliance Mining Resources Corporation (AAMRC).