Del Monte to issue P7.5 billion bonds
MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the offering of Del Monte Philippines Inc. (DMPI) of fixed-rate bonds worth up to P7.5 billion.
In its registration statement, DMPI said it wants to offer P5 billion worth of bonds with an oversubscription option of P2.5 billion.
DMPI will issue the bonds at face value, consisting of Series A bonds due 2023 and Series B bonds due 2025. The bonds will be listed and traded on the Philippine Dealing & Exchange Corp.
Net proceeds of P7.4 billion will be used to repay the company’s existing debt, which are short-term and unsecured in nature.
The fixed-rate bonds were assigned a PRS Aaa rating by the Philippine Rating Services Corp.
DMPI tapped BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp., and RCBC Capital Corp. as joint issue managers, joint lead underwriters and joint bookrunners for the offer.
DMPI is part of the Campos-owned Del Monte Group with core businesses in the Philippines. It generated a net income of $18.7 million in the first quarter.
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