Del Monte Pacific, Ltd. (DMPL) on Friday said its Philippine unit is working to offer as much as P12.5 billion worth of bonds.
The company told the stock exchange that Del Monte Philippines, Inc. (DMPI) has filed with the Securities and Exchange Commission (SEC) an application to register its maiden public bond issuance of up to P5 billion, which has an oversubscription option of up to P7.5 billion.
The proposed offer may have a three and/or five-year tenor series.
The Singaporean and Philippine dual-listed firm said it would disclose the bonds’ prices “in due course.”
“The proceeds of the offering will be used to refinance existing loans and fund other corporate purposes,” DMPL said.
The food conglomerate has tapped BDO Capital & Investment Corporation, China Bank Capital Corp., First Metro Investment Corp., and RCBC Capital Corp. as its joint lead underwriters, joint issue managers, and joint bookrunners.
It is advised by Exchange Equity Partners Group Corp. for the upcoming issuance. Shares in DMPL increased by 2.36% to close at P4.78 apiece on Friday. — Adam J. Ang
