The Securities and Exchange Commission has approved the public offering of P32 billion worth of fixed rate bonds of Filinvest Development Corporation, the holding firm of the Gotianun group.
FDC will offer the bonds in tranches over three years. In the initial tranche, FDC will offer up to P7 billion, with provision for oversubscription of up to P3 billion.
Assuming the oversubscription option is fully exercised, FDC could net up to P9.87 billion. Proceeds will be used to partially finance the redemption of maturing bonds and for capital expenditures as well as for general corporate purposes.
The bonds will sell at face value from 25 to 31 January 2024 in time for listing on the Philippine Dealing and Exchange Corp. by 7 February.
FDC has picked BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Bank, First Metro Investment Corp, Land Bank of the Philippines, RCBC Capital Corporation and SB Capital Investment Corporation as joint lead underwriters and bookrunners for the transaction.
Similarly approved for registration were 14.66 million common Dagupan Electric shares of which 2.2 million shares are to be sold in a public offering at P533 apiece.
Net proceeds amounting to P1.12 billion have been earmarked for capital projects related to its electricity distribution services over a three-year period, including the construction of a new substation in Sta. Barbara, Pangasinan.
The offer will run from 8 to12 January 2024.
Dagupan Electric has tapped Penta Capital and Investment Corp. as the sole underwriter.
Incorporated in 1961, Dagupan Electric is engaged in the distribution of electricity in Pangasinan. It services 135,445 customers in the City of Dagupan and the municipalities of Calasiao, Sta. Barbara, San Fabian, San Jacinto and Manaoag, and barangays Bolingit and Cruz in the City of San Carlos.
The SEC also previously approved the public offering of Pampanga-based Angeles Electric Corp., consistent with provision of the Electric Power Industry Reform Act requiring generation companies to sell to the public a portion not less than 15 percent of their common shares to the public.
