MANILA, Philippines ? Tycoon Andrew Tan?s property and consumer-based holding firm Alliance Global Group Inc. debuted on the offshore debt market with a $500-million seven-year bond issue.
The maiden bond issuance fetched a coupon rate of 6.5 percent and was priced on Thursday at a yield of 6.625 percent, AGI disclosed to the Philippine Stock Exchange on Friday.
The transaction was upsized from an initial $400 million to $500 million.
"We are extremely pleased with the response of the investor community on our inaugural bond issue," Tan said.
"We believe the deal demonstrates investor confidence in Alliance Global's business model and operations," AGI president Kingson Sian said.
UBS Investment Bank acted as sole lead manager and sole bookrunner for the transaction.
