By Marisa Wong
Los Angeles, Oct. 30 – Del Monte Pacific Ltd.’s Philippine subsidiary, Del Monte Philippines, Inc., issued PHP 6.47 billion of three- and five-year bonds, according to a company press release.
The issuance consists of 3.484% three-year bonds and 3.7563% five-year bonds.
The deal was 1.29 times oversubscribed. Retail and institutional investors, including insurance companies, retirement funds and asset management groups, participated.
BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp. and RCBC Capital Corp. were the joint lead underwriters, joint issue managers and joint bookrunners for the maiden issuance.
The company had registered to issue up to PHP 5 billion of bonds with an up to PHP 2.5 billion oversubscription option, as initially announced in August.
Proceeds will be used to refinance and term out existing short-term loans and to convert them into long-term liabilities.
Del Monte Pacific is a branded food and beverage company based in Singapore.
| Issuer: | Del Monte Philippines, Inc.
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| Issue: | Bonds
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| Amount: | PHP 6.47 billion
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| Maturity: | Three and five years
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| Bookrunners: | BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp. and RCBC Capital Corp.
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| Coupon: | 3.484% for the three-year bonds and 3.7563% for the five-year bonds
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| Announcement date: | Oct. 28
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| Rating: | PhilRatings: PRS Aaa
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