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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