STI Education Services Group, Inc. Debuts in the PDEx Organized Secondary MarketPosted on: March 23, 2017
23 March 2017, Makati Philippines – The local debt market welcomed the operator of one of the largest networks of schools in the Philippines, STI Education Services Group, Inc. (STI ESG), with the debut listing of its PhP 3 Billion Series seven-year Bonds due 2024 and Series 10-year Bonds due 2027 on the PDEx organized secondary market.
STI ESG becomes the first issuer on PDEx to come from the sector of educational services. The Bonds were met with strong demand having been more than twice oversubscribed in the initial public offering. The Bonds carry coupon rates of 5.8085% and 6.3756% for the 7-year and 10-year tenors respectively.
This continued activity in the PDEx listing services brings the year-to-date total of new listings to PhP 39.08 Billion, with total level of tradable corporate debt instruments reaching PhP 677.42 Billion issued by 43 companies comprised of 118 securities.
PDS Group President and CEO Cesar B. Crisol said in his welcome remarks: “The debut of STI ESG in the organized secondary market marks a milestone for it is the first educational institution to have its bonds listed on PDEx. We hope that this first tranche is beneficial to STI’s planned campus expansion projects and look forward to its return to further establish its presence in the fixed income markets.”
STI ESG Vice-Chairman and CEO Monico V. Jacob remarked: “With the proceeds from this bond offering, we will be simultaneously building nine more campuses equipped with state-of-the-art facilities aimed at providing a conducive learning environment. It is our strategic intent to build campuses for all of our thirty-seven company-owned schools in the next eight years.”
The Directors and Officers of STI ESG who attended the event are Chairman and Independent Director Sec. Jesli A. Lapus, Vice-Chairman and CEO Monico V. Jacob, President and COO Peter K. Fernandez, Chief Finance Officer Yolanda M. Bautista, Director Joseph L. Tanco, and STI Holdings Director and Chief Investment Officer Paolo Martin O. Bautista.
Representatives from the issue participants who made the listing possible were also present including China Banking Corporation President Ricardo R. Chua, First Metro Investment Corporation President Rabboni Francis B. Arjonillo, China Banking Corporation Trust Group Senior Vice President Patrick D. Cheng, and China Banking Corporation President Romeo D. Uyan, Jr. #