JG Summit’s retail bonds seen to raise P30B

Lance Gokongwei, president of JG Summit. AFP FILE PHOTO

MANILA, Philippines—Gokongwei-led conglomerate JG Summit Holdings Inc. is raising as much as P30 billion from the issuance of retail bonds to partly fund its investment in Manila Electric Co.

In a disclosure to the Philippine Stock Exchange on Thursday, JG Summit said it has filed a registration statement at the Securities and Exchange Commission to apply for authority to issue up to P20 billion in peso-denominated bonds with an option to upsize by another P20 billion.

BDO Capital and Investment Corp., BPI Capital Corp., First Metro Investment Corp., The Hong Kong and Shanghai Banking Corporation and Standard Chartered Bank were mandated as joint lead underwriters for this offering.

In October, JG Summit agreed to pay P72 billion for the 27-percent block held by San Miguel Corp. in Meralco, to be funded through a mix of equity and debt.

Earlier this week, the Gokongwei group also raised P8.8 billion from the sale of shares in JG Summit as part of the fund-raising for the Meralco acquisition.

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