The Securities and Exchange Commission (SEC) has considered favorably the public offering by D&L Industries, Inc. of fixed-rate bonds worth up to P5 billion.
In its meeting on August 26, the Commission En Banc resolved to render effective the registration statement of D&L covering up to P3 billion of Series A bonds due in 2024 and Series B bonds due in 2026, with an oversubscription option of up to P2 billion, subject to certain remaining requirements.
D&L expects to net up to P4.93 billion from the offer, assuming the oversubscription option is fully exercised. The proceeds will be used to finance the expansion of the food and plastic manufacturer’s plant in Batangas, as well as for the partial repayment of bridge loans.
The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp. (PDEx).
The offer is scheduled for September 1 to 6, with listing on the PDEx slated for September 10, according to the latest timetable submitted to the SEC.
D&L tapped China Bank Capital Corporation as the sole issue manager, lead underwriter, and sole bookrunner for the offer.