SEC approves JG Summit's P30-B bond issue

ABS-CBN News

Posted at Feb 07 2014 12:13 PM | Updated as of Feb 07 2014 08:13 PM

MANILA, Philippines - JG Summit Holdings' proposed P30 billion bond issue has gotten the go-signal from the Securities and Exchange Commission en banc.

The Gokongwei-led holding company will issue bonds with a principal amount of P30 billion, which will be issued in one or more tranches.

"The net proceeds from the bond issuance shall be utilized by the company to partially finance the company's acquisition of Meralco shares and for general corporate purposes," the company said.

BDO Capital, BPI Capital, First Metro Investment Corp., HSBC and Standard Chartered Bank will act as joint lead managers and underwriters.

Last year, JG Summit announced it will pay P72 billion ($1.65 billion) for San Miguel's stake in Meralco.