Industry

SEC Greenlights P7.5 Billion Bond Offer from Del Monte PH

The funds will be used to refinance existing loans and fund other corporate purposes.
IMAGE Del Monte Philippines website
Comments

The Securities and Exchange Commission (SEC) has approved the public offering by Del Monte Philippines Inc. (DMPI) of fixed-rate bonds worth up to P7.5 billion, subject to the company’s compliance with certain remaining requirements.

ALSO READ: BONDS

PLDT Raises $10 Billion in Bond Sale Orders—17 Times Bigger Than Actual $600 Million Offering

Heads Up: You Can Earn 2.62% Interest a Year in New Gov't Retail Treasury Bonds 

According to Del Monte’s registration statement, the company will offer up to P5 billion worth of bonds, with an oversubscription option of up to P2.5 billion. DMPI will issue the bonds at face value, consisting of series A bonds due 2023 and series B bonds due 2025. They will be listed and traded on the Philippine Dealing & Exchange Corp. 

The company expects to net P7.389 billion from the offer, assuming the oversubscription option is fully exercised. Proceeds from the offer will be used to repay the company’s existing debt, which are short-term and unsecured in nature. 

Del Monte Pacific Ltd had earlier said proceeds of the offering “will be used to refinance existing loans and fund other corporate purposes.”

The fixed-rate bonds were assigned a PRS Aaa rating by the Philippine Rating Service Corporation.

BDO Capital & Investment Corporation, China Bank Capital Corporation, First Metro Investment Corporation, and RCBC Capital Corporation were tapped as joint issue managers, joint lead underwriters, and joint bookrunners for the offer. 

ALSO READ: BONDS

PLDT Raises $10 Billion in Bond Sale Orders—17 Times Bigger Than Actual $600 Million Offering

Heads Up: You Can Earn 2.62% Interest a Year in New Gov't Retail Treasury Bonds

ADVERTISEMENT - CONTINUE READING BELOW

DMPI is a leading producer, distributor, and marketer of food and beverage products. It has been in operation in the Philippines for over 90 years, offering such products as packaged pineapple and mixed fruit, canned and carton ready-to-drink juices, tomato sauce, and spaghetti sauce.

CONTINUE READING BELOW
Recommended Videos
Comments
More Videos You Can Watch
About The Author
Paul John Caña
Associate Editor, Esquire Philippines
View Other Articles From PJ
Latest Feed
Load More Articles
Connect With Us