The Market Monitor Minding the Nation's Business
By Riza Lozada
Santa Lucia Land Inc. (SLI) has listed P3 billion worth of fixed-rate peso bonds with an option for over-subscription of up to P2 billion in the Philippines Dealing Exchange (PDEX) platform, the company reported to the bourse.
The bonds are composed of series A three-year fixed-rate bonds due in 2018 with fixed interest rate of 6.7284 percent per annum and series B Five-year and three months fixed-rated bonds due in 2021 with fixed interest rate of 6.7150 percent per annum.
SLI has engaged China Banking Corp. as the issue manager, bookrunner and lead underwriter, China Banking Corp—Trust Group as trustee, and the Philippine Depository and Trust Corp. as the registrar.
The co-lead underwriters are Amalgamated Investment Bancorporation and BDO Capital and Investment Corp.
The bonds have been rated AA+ by the Credit Rating and Investor Services Philippines, Inc. The listing on December 22 has marked SLI’s maiden listing in the Philippine bond market. SLI also disclosed that it sold 400,000,000 of its treasury shares to Philippine Racing Club Inc. (PRCI) at 75 cents per share last December 22.
“This is above the 30-Day Volume Weighted Average Price (VWAP) of P 0.7321 per share computed as of December 18, 2015,”
SLI reported. The same disclosure of SLI said that the PRCI board of directors during its special meeting held on December 22 has authorized the acquisition of 400 million shares of SLI at 75 cents per share worth P300 million exclusive of related transaction charges.
PRCI President and Chief Executive Officer, Simeon Cua, was authorized, directed and empowered in the name of the PRCI to execute and implement said acquisition of SLI shares at the price so approved through the Philippine Stock Exchange (PSE).
The President of PRCI was also authorized, directed and empowered in the name of the corporation, to execute and sign any documents necessary to carry-out this approved equity investment in SLI.