JG Summit Holdings Inc., the listed company that holds the diversified investments of the Gokongwei family, said Wednesday it has redeemed and cancelled all the $750 million, 10-year bonds issued by its unit JGSH Philippines Ltd.
The bonds, due Jan. 23 this year, was the biggest international bond issue by a Philippine company when it was issued in 2013. It pays 4.375 percent interest.
Since JG Summit issued the bonds, interest rates on Philippine corporate bonds have fallen to the 3 percent level following rate cuts amid the slowing global economy due to the pandemic.
The repurchase of $138.8 million of bond principal in the open market early in December by JGSH completed the bond redemption.
JG Summit is one of the largest Philippine-listed companies with a market capitalization of P415.2 billion, and a diversified interest that includes stakes in telecommunications giant PLDT Inc., Bank of the Philippine Islands and budget carrier Cebu Pacific.
