Monde Nissin Corp. on Friday said it had fully redeemed its Arran convertible note issued in April 2019.

The company told the exchange that Arran Investment Pte. Ltd. received the P13.35-billion listing redemption amount in full settlement, which was funded from the proceeds of Monde Nissin’s primary offer, which totaled P48.6 billion.

“In April 2019, the company issued in favor of Arran the Arran convertible note with the principal amount of P9,122,684,658 which is convertible into common shares of the company and which then represented 7% of the total issued and outstanding capital stock of the company on a fully-diluted basis,” Monde Nissin said in its prospectus.

The percentage has since decreased to around 6.44% of Monde Nissin’s issued and outstanding capital stock after the company issued common shares to My Crackers, Inc.

“The redemption amount of the Arran convertible note is equal to the offer price multiplied by 989,032,200 common shares,” Monde Nissin said, referring to its P13.50 final offer price.

Monde Nissin said it used proceeds of the Arran convertible note to pay for loans and reduce mandatory debt service.

Shares of Monde Nissin at the stock exchange improved by 2.29% on Friday, closing at P13.40 each from P13.10. — Keren Concepcion G. Valmonte