Mindanao-based property developer A Brown Co. Inc. (ABCI) filed a registration statement with the Securities and Exchange Commission (SEC) to raise up to P12 billion through a maiden bond shelf offering, the company said Monday.
The real estate firm plans to issue P5 billion in fixed-rate bonds for the initial tranche. The first installment includes a base offer of P3 billion and an oversubscription option for another P2 billion.
ABCI intends to issue the bonds in two series, with tenors of three years and five years respectively. Philippine Ratings Services Corp. assigned the debt a PRS A+ rating. The company expects to list the bonds on the Philippine Dealing & Exchange Corp.
PNB Capital and Investment Corp. and Land Bank of the Philippines will serve as the issue managers for the sale.
Primarily a developer of residential communities in Northern Mindanao, Caraga and Rizal, ABCI operates across socialized, economic and high-end housing segments. The company also maintains a diversified portfolio with interests in power generation, palm oil processing, water supply, and electron-beam services.
