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RLC Sets Coupon Rates for P12 Billion Bonds
Robinsons Land Corporation (PSE: RLC) has set the final coupon rates for its P12 billion bond offering. The seven year bonds maturing in 2022 will have a coupon of 4.8% while the ten year bonds maturing in 2015 will have a coupon of 4.9344%.
RLC to Issue P12 Billion in Bonds
Robinsons Land Corporation (PSE: RLC) was granted the approval of the Securities and Exchange Commission to issue up to fixed-rate bonds in the aggregate amount of P10 billion with an oversubscription option of P2 billion. Part of the proceeds will be used to refinance debt maturing in the first quarter of the year while the remainder will finance the company’s capital expenditure requirements. [Read more…]
COSCO, PGOLD Acquire Properties from NE, Inc.
Cosco Capital, Inc. (PSE: COSCO) purchased five commercial properties from NE, Inc. located in Nueva Ecija, Aurora and Isabela. Puregold Price Club, Inc. (PSE: PGOLD) purchased from the same company nine supermarkets located in Nueva Ecija, Bulacan, Aurora and Isabela. [Read more…]
FPH Subsidiary Granted Partial Award in Arbitration
SunPower Philippines Manufacturing, Ltd. (SPML) has been found to be in material anticipatory breach of its obligations to First Philec Solar Corporation (FPSC) under the supply agreement for silicon solar wafering services between FPSC and SPML. It also found SPML to be in material breach of its obligations to First Philippine Electric Corporation (First Philec) under the joint venture agreement between First Philec and SPML. SPML was ordered to (a) purchase First Philec’s shares in FPSC for the price of $30.3 million by 2 February 2015 or such other date as the Parties may agree or the Tribunal may direct, and (b) within 14 days of the transfer of the shares from First Philec to SPML, pay FPSC the net sum of $25,239,860 representing compensation for wafers not taken by SPML and for unpaid silicon solar wafering services under the supply agreement. FPSC is a joint venture company established by First Philec and SunPower to slice silicon solar wafers for SunPower. First Philec is a wholly-owned subsidiary of First Philippine Holdings Corporation (PSE: FPH). [Read more…]
SECB Completes Inaugural Offshore Notes Issuance
Security Bank Corporation (PSE: SECB) completed the issuance of its $300 million senior unsecured notes on Tuesday, January 17. The notes were priced at par with a yield of 3.95% and will pay a coupon at the rate of 3.95% per annum on a semi-annual basis. The notes received a rating of BB+ from S&P and will mature in 2020. [Read more…]
JGS Conducts Overnight Share Sale
Shares of JG Summit Holdings, Inc. (PSE: JGS) were sold via an accelerated overnight equity placement at a price of P61.00 per share through a top-up placement of 145,650,000 common shares from a selling shareholder, raising a total of approximately P8.8 billion. The proceeds from the offering will be used for general corporate purposes. [Read more…]
MPI Toll Subsidiary Acquires 45% of Vietnamese Toll Road Operator
Metro Pacific Tollways Corporation (MPTC), a subsidiary of Metro Pacific Investments Corporation (PSE: MPI), acquired purchased a 45% interest in CII Bridges and Roads Investment Joint Stock Company (CII B&R) from Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII). The total consideration for the transaction was VND 1,954,975,280,900.
BSP Approves SECB Request to Sell Life Insurance
The Bangko Sentral ng Pilipinas has approved the request of Security Bank Corporation (PSE: SECB) to cross-sell FWD Life Insurance Corporation’s products. [Read more…]
New Year’s Eve fireworks in Philippines’ capital, Metro Manila.
Arbitration Tribunal Allows Global Gaming to Sell BLOOM Shares
The Arbitration Tribunal hearing the case between Bloomberry Resorts Corporation (PSE: BLOOM) and Global Gaming Philippines LLC (GGAM) revoked the Regional Trial Court’s injunction and attachment orders on GGAM’s shares in BLOOM, allowing GGAM to sell its 921.18 million shares. The tribunal, however, made no declaration as to the ownership of the said shares. [Read more…]
EDC’s Bacman Raises Capacity
Bac-Man Geothermal, Inc., a subsidiary of Energy Development Corporation (PSE: EDC), announced that Unit 2 of its Bacman Power Plants is now operating at 60 MW gross, an increase of 5 MW. The increased capacity is a result of the installation of the new Toshiba steam turbine rotor unit and diaphragms in September. [Read more…]