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BANKAMERICA NAMED PROJECT FINANCE TRUSTEE ON $933 MILLION POWER PLANT CONSTRUCTION IN THE PHILIPPINES

 SAN FRANCISCO, June 28 /PRNewswire/ -- BankAmerica National Trust Co. has been appointed by Hopewell Holdings Ltd. of Hong Kong to participate in the US$933 million construction and operation of the Pagbilao Thermal Power Station in the Philippines. BankAmerica's role as project finance trustee, registrar, and paying agent will continue until the project debt is paid off, expected in 25 years, at which time Hopewell will hand over the station to Philippine authorities.
 Initially, BankAmerica will monitor the project to ensure that terms of the financing are met. Once construction of the power plant is finished, estimated to be in 1995, BankAmerica will also act as paying agent, using funds from the sale of electricity to pay down the notes held by lenders that financed the project.
 Senior Vice President Ralph Marinello, head of BankAmerica National Trust Company's International Corporate Trust unit, said, "BankAmerica brings broad experience to this transaction, which is the largest multi- lateral financing ever assembled for a Philippines project. As a top- tier provider of corporate trust services worldwide, we have developed an expert understanding of a wide variety of debt financings."
 With offices throughout Asia, BankAmerica began conducting business in the Philippines in 1947. BankAmerica today serves the Philippines with a full range of commercial and correspondent banking services, including international trade finance, payments and deposit products, and credit, as well as consumer finance through its affiliate, BA Finance Philippines.
 -0- 6/28/93
 /CONTACT: Sharon Tucker, San Francisco, 415-622-2775, or Kaori Ikegaya, Hong Kong, 85-2-841-1862, both of Bank of America/
 (BAC)


CO: BankAmerica National Trust Co.; Hopewell Holdings Ltd. ST: California, New York IN: FIN SU:

SG -- SF006 -- 6290 06/28/93 13:32 EDT
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Publication:PR Newswire
Date:Jun 28, 1993
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