Alliance Global to guarantee debt notes of subsidiary

ABS-CBN News

Posted at Aug 11 2010 06:14 PM | Updated as of Aug 12 2010 02:14 AM

MANILA, Philippines - Conglomerate Alliance Global Group Inc. said on Wednesday it is guaranteeing the issuance of dollar-denominated corporate notes by its wholly-owned subsidiary, Alliance Global Group Cayman Islands.

In a disclosure to the Philippine Stock Exchange, Alliance Global said the company will disclose the final terms and conditions of the notes, including the amount, interest rate and maturity date in the coming weeks.

Alliance Global said it is commissioning UBS AG in Hong Kong as the sole bookrunner and lead manager for the offering.

The company, which has interests in real estate, food and beverages and quick service restaurant, intends to use the net proceeds of the capital-raising exercise to fund capital and project expenditures, refinance existing debts of its units.

Alliance Global said it has received approval for the listing of the debt notes on the Singapore Exchange Securities Trading Limited.

Shares of Alliance Global declined by 1.3% to P6.52 a piece on Wednesday.