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JG Summit to sell P4.3B worth of notes

Vol. XXII, No. 37 [ BusinessWorld Online ]
Tuesday, September 16, 2008 | MANILA, PHILIPPINES

GOKONGWEI-LED JG Summit Holdings, Inc. will raise money by offering debt notes to finance the company’s operations.

In a disclosure yesterday, the holding company said it had agreed to issue P4.3 billion worth of fixed-rate notes by placing these with about 19 primary institutional lenders.

The notes will have a five-year term. The proceeds will be used for capital expenditures.

It has appointed HSBC as the sole lead manager and bookrunner for the placement, distribution and sale of the notes.

"[Issuing] fixed-rate notes is one of the ways companies can raise fund so that their activity and operations will not be interrupted," Astro C. del Castillo of First Grade Holdings said.

The company, which has businesses in air transport, property, food, telecommunications and petrochemicals, saw its profit fell to P326 million in the second quarter from almost P2.8 billion the year before.

JG Summit owns Digital Telecommunications Phils., Inc., operator of the mobile brand Sun Cellular, budget airline Cebu Pacific, food unit Universal Robina Corp., property arm Robinsons Land Corp. and JG Summit Petrochemicals Corp. — Kristine Jane R. Liu

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