The Securities and Exchange Commission approved the application of food ingredients and plastics manufacturer D&L Industries Inc. to sell P5 billion worth of fixed-rate bonds.
D&L plans to issue up to P3 billion of Series A bonds due 2024 and Series B bonds due 2026, with an oversubscription option for another P2 billion.
Net proceeds from the offering will be used to finance the expansion of the food and plastic manufacturer’s plant in Batangas and for the partial repayment of bridge loans.
The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp. The offer period will be from Sept. 1 to 6, with listing on the PDEx slated on Sept. 10, according to the latest timetable submitted to the SEC.
D&L tapped China Bank Capital Corp. as the sole issue manager, lead underwriter and sole bookrunner for the fund raising activity.