JG Summit raises $750-M in biggest PH corporate bond issue


Posted at Jan 17 2013 11:22 AM | Updated as of Jan 17 2013 07:53 PM

MANILA, Philippines - Conglomerate JG Summit Holdings Inc  has raised $750 million in the largest international bond issue by a Philippine company, and has achieved the lowest yield ever for a 10-year U.S. dollar-denominated bond, issue manager HSBC said on Thursday. 

The senior unsecured notes are due 2023 and were priced at par with a coupon of 4.375 percent. 

They were issued overnight by unit JGSH Philippines Ltd and guaranteed by JG Summit. Proceeds will be used for JG Summit's general corporate purposes. 

JG Summit, which has a market value of $6.4 billion, has interests in food and beverages under Universal Robina Corp and property development under Robinsons Land Corp. It also owns the country's largest budget carrier Cebu Pacific and has a stake in Philippine Long Distance Telephone Co.

Citigroup and Credit Suisse were also joint lead managers for the issue.