SEC greenlights D&L Industries' maiden bond offering

ABS-CBN News

Posted at Aug 27 2021 11:13 AM

D&L

MANILA— Chemicals manufacturer D&L Industries has secured approval from the Securities and Exchange Commission (SEC) for its maiden bond offering. 

In a statement, the company said it plans to issue a base offer of up to P3 billion with an oversubscription option of up to P2 billion, with a tenor of 3 and/or 5 years.

The offer period will run from September 1 to September 6, 2021 while the issue and settlement date will be on September 10, 2021.
 
Proceeds from the bond issuance will primarily be used to finance the company’s expansion plans in Batangas, it added.

“We believe that it’s an opportune time to tap the debt market with interest rates still remaining low. This maiden bond offering will be a useful financial exercise for the company and will allow flexibility for future opportunities we can potentially take advantage of,” President and CEO Alvin Lao said.

Local credit watcher Philippine Rating Services Corporation (PhilRatings) earlier gave the firm’s maiden bond issuance a rating of “PRS Aaa with Stable Outlook.”

Watch more News on iWantTFC