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VMC prepays debt

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MANILA – The country’s largest sugar mill Victorias Milling Co. has agreed to retire ahead of maturity about P842 million worth of restructured debts as part of continuing efforts to clean up its balance sheet and trim debt servicing expenses.

In a disclosure to the Philippine Stock Exchange on Monday, VMC said its board had approved to pre-pay at end-May restructured loans in the amount of about P709.45 million plus a US dollar- denominated debt worth about $3.24 million (P132.84 million at 41:$1).

The disclosure said this would leave about P2.7 billion in VMC’s books, inclusive of interest as of June 1.

These debts were earlier restructured by VMC under its corporate rehabilitation plan through 2018.

VMC would have wanted to restructure some of its debts anew because interest rates have gone down to record-low levels. However, creditors were lukewarm to another restructuring.

However, debt prepayment is within the rehabilitation framework and would not have to rely on consent from creditors and the Securities and Exchange Commission, VMC chair Wilson Young said in a text message.

“Estimated (level of) savings is about P80 million a year in interest costs plus administrative ease as a result,” he said.


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Tags: Business , PSE , stocks , VMC

  • joboni96

    yan din dapat gawin ng gobyerno
    ng gumanda buhay nating mga pilipino

    kung hindi ba namang hunghang at kolonisadong utak
    mga doctorated financial leaders natin

    nabayaran na natin sana mga utang natin
    $84B (foreign reserves) – $61.7B (foreign debt) = $22 billion left foreign reserves
    still enough foreign reserves

    this will result to P367 billion more for government projects
    coming from the automatic 20% debt payments in the national budget

    yan ding P367 billion na iyan kaya takot at nakikinabang
    ang mga doctorated financial leaders sa mga foreign banks and capitalists

    proper time also because our western lenders
    need the money

    mahina rin ang mga senador at congressmen natin
    kung naging project yang P367 billion na iyan every year

    at 30% commission rate
    that’s an additional more than P110 billion commission per year

    more chicks, more lands, more mansions, more businesses etc

    how about it mga honorable sirs
    lets retire our foreign debt



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