DEL MONTE Pacific Ltd. (DMPL) said it will be issuing $90-million senior fixed-rate notes.
The “approval in-principle has been received” for the notes’ listing on the Singapore Exchange Securities Trading Ltd, the listed company said.
“The transaction marks DMPL’s inaugural issuance in the international debt capital markets, establishing a new source of funding,” it said in a disclosure on Friday.
The $90-million three-year unrated senior notes will have a fixed coupon rate of 3.75% to be paid semi-annually.
DMPL said these were priced with a 4% yield at a reoffer price of 99.30%.
“The notes are not and will not be registered with the Philippine Securities and Exchange Commission,” DMPL said.
“Any future offer or sale of the securities in the Philippines is subject to the registration requirements under the Philippine Securities Regulation Code, unless such offer or sale qualifies as a transaction exempt from these requirements,” it added.
The company engaged Credit Suisse as the sole global coordinator for the issuance, while UnionBank of the Philippines was assigned domestic lead manager.
Del Monte shares on the local bourse closed higher by 1.99% or 28 centavos to finish at P14.38 apiece on Friday. — Keren Concepcion G. Valmonte