Del Monte prices P7-b bond offering

Del Monte Philippines Inc. said Thursday it set the interest rates for the planned three-year and five-year P7.5-billion bond offering.

Del Monte Pacific Ltd., the parent company of DMPI, said in a disclosure to the stock exchange the Series A three-year bonds would carry a coupon rate of 3.4840 percent per annum while the Series B five-year bonds would have annual interest rate of 3.7563 percent.

The offer period started Oct. 20 and will end on Oct. 26. The bonds will be issued and listed with the Philippine Dealing & Exchange Corp. on Oct. 30.

DMPI is selling up to P5 billion in fixed-rate bonds with an oversubscription option for another P2.5 billion. The offering was approved by the Securities and Exchange Commission early this month.

Net proceeds from the offering will be used to repay the company’s existing debt, which are short-term and unsecured in nature.

Topics: Del Monte Philippines Inc. , bond offering
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