Puregold raises P12B


    Puregold Price Club Inc. has raised P12 billion through a corporate notes issuance, said to be the largest capital raising in its 22-year history.

    The notes are divided into a 10-year tenor P5 billion notes and a seven-year tenor P7 billion noted, with each maturity carrying a 4.513 percent and 4 percent coupon, respectively.

    The issuance was 1.3x oversubscribed, with orders coming from universal banks, government financial institutions, foreign banks, and an insurance company, and securing long-term funding commitments at very competitive rates.

    The company said the notes issuance’s proceeds will be used to accelerate expansion.

    “(Our) Expansion plans remain in place, and the current health crisis has further emphasized the need to go into locations where the company has no presence in order to provide basic goods and essential products to those markets,” it said.

    Puregold noted increased demand for basic goods during the pademic, and plans to leverage on this strength to build a stronger business across the country.

    Puregold currently has 444 stores nationwide among its Puregold, S&R and QSR formats.