By Marisa Wong
Madison, Wis., Aug. 15 - First Metro Investment Corp. issued PHP 7 billion of fixed-rate corporate bonds in two tranches on Aug. 10, according to a company letter delivered to the Philippines Stock Exchange, Inc.
The first tranche consisted of 5½% bonds with a maturity of five years and three months, and the second tranche consisted of 5¾% bonds with a maturity of seven years.
According to a news release on Wednesday, First Metro sold PHP 4 billion of the 5½% bonds and PHP 3 billion of the 5¾% bonds.
As previously announced, the company offered up to PHP 5 billion of the fixed-rate bonds with a PHP 2 billion over-allotment option. The offer period ran from July 30 to Aug. 3.
The bonds were "very well received by the market with an oversubscription of over 40%," First Metro president Roberto Juanchito Dispo said in the release.
Standard Chartered Bank was the bookrunner and underwriter.
Proceeds from the bonds will be used for general corporate purposes.
Based in Makati City, Philippines, First Metro specializes in investment banking and corporate lending, as well as treasury and investment advisory services. First Metro is a subsidiary of Metropolitan Bank and Trust Co. (Metrobank).
| Issuer: | First Metro Investment Corp.
|
| Issue: | Fixed-rate corporate bonds
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| Amount: | PHP 7 billion
|
| Bookrunner: | Standard Chartered Bank
|
| Settlement date: | Aug. 10
|
|
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| 2017 bonds
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| Amount: | PHP 4 billion
|
| Maturity: | November 2017
|
| Coupon: | 5½%
|
|
|
| 2019 bonds
|
| Amount: | PHP 3 billion
|
| Maturity: | August 2019
|
| Coupon: | 5¾%
|
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