GT Capital plans P10B bond offer
GT Capital filed a registration statement at the Securities and Exchange Commission to issue up to P8 billion in fixed rate bonds with an option to upsize by another P2 billion, proceeds from which will be used “for general corporate purposes.”
This fund-raising will be done through a public offering. The bonds will be issued at par with 100 percent of face value, in scripless form, in minimum denominations of P50,000 each and in multiples of P10,000 thereafter.
GT Capital Holdings disclosed in early November that it had mandated First Metro Investment Corp. to help it raise long term debt financing “in order to access the current record-low interest rates and to optimize the company’s under-leveraged position.” The holding firm plans to complete the debt issue early next year.
The holding firm reported a 107-percent jump in January to September net profit to P5.3 billion. Excluding non-recurring items, nine-month core net income went up by 51 percent to P3.9 billion.
Consolidated revenues for the first nine months soared by 211 percent to P16.7 billion year-on-year, driven the expansion of core businesses together with the consolidation of Global Business Power Corp. earlier this year, improved net income from associates as well as a non-recurring gain worth P1.4 billion realized by property development unit Federal Land Inc.
GT Cap, which debuted on the PSE in April this year, has five component companies: Federal Land, GBPC, Toyota Motor Philippines Corp., Metropolitan Bank and Trust Co., and Philippine AXA Life Insurance Corp.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94