Del Monte Philippines Inc. (DMPI) is looking to raise P7.5 billion through the issuance of bonds.
The company has received regulatory approval from the Securities and Exchange Commission (SEC) for the fund raising that is divided into an initial P5 billion, and another P2.5 billion covering the oversubscription option.
The bonds carry a tenor of three years and five years, and will be listed and traded at the Philippine Dealing & Exchange Corp.
Proceeds from the offer will be used to repay the company’s existing debt, which are short-term and unsecured in nature.
The fixed-rate bonds were assigned a PRS Aaa rating by the Philippine Rating Service Corp.