The holding firm of businessman Lucio Co completed its maiden debt issuance, the proceeds of which will be used to finance strategic acquisitions. In a disclosure to the Philippine Stock Exchange, Cosco Capital Inc said it signed a P5 billion notes facility agreement with a syndicate of institutional lenders composed of banks and insurance companies. The issuance of seven- and 10-year notes was 2.5 times oversubscribed.
First Metro Investment Corp, the investment banking arm of the Metrobank group, acted as sole arranger and book runner for the transaction. "This notes issuance is indeed a clear confirmation of the financial community's trust and confidence in Cosco. We congratulate First Metro for successfully arranging the deal," said Leonardo Dayao, Cosco president. Formerly Alcord Gold Resources Inc, Cosco became the holding firm for Co's consumer-focused businesses after a P74.81-billion share-swap transaction. It has interests in retail through Puregold Price Club Inc, liquor distribution, real estate, oil storage and mining.
Early this month, Cosco completed the acquisition of Office Warehouse Inc, marking its maiden foray into non-food specialty retail. In March, Cosco acquired NE Pacific Shopping Centers Corp, the owner of NE Pacific Mall, the largest commercial area in Nueva Ecija.
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