ABS-CBN lists debut PhP 6.0 billion fixed rate bonds in PDExPosted on: February 10, 2014
Makati, Philippines, 10 February 2014 – Media and entertainment giant ABS-CBN Corporation listed its debut PhP 6 Billion Fixed Rate Bonds due 2021, in the Philippine Dealing & Exchange Corp. (PDEx). ABS Bonds which carry a coupon rate of 5.335% per annum, raised positive response from both institutional and retail investors in the primary market. The investors’ strong demand for the issue led the underwriters to exercise the overallotment option of P1 billion.
The Philippine Rating Services Corporation gave the highest PRS Aaa rating to ABS bonds, reflecting the Company’s strong capacity to meet its financial commitments on the obligation. Earning a solid credit standing among the domestic investing community, ABS-CBN is all the more geared to fulfill its mission of being in the service of the Filipino worldwide – providing not only excellent media content and technology but also innovative and diversified investment opportunities.
PDEx Chairman & CEO Cesar Br. Crisol said in his welcome remarks, “We at the PDS Group salute ABS for starting the year with a significant milestone, bringing into the market its first-ever domestic retail bond issuance. We are delighted to welcome to our issuer community the first and only listed media and entertainment company in PDEx, the ABS-CBN Corporation. Welcome, Kapamilya!”
ABS-CBN Chairman Eugenio L. Lopez III shared a few words and led the ringing of the PDS ceremonial bell to herald the start of trading of ABS Bonds in the PDEx organized secondary market. Also gracing the occasion were ABS-CBN CFO Aldrin Cerrado, ABS-CBN Access Head and Skycable President/Chief Executive Officer Carlo Katigbak, ABS-CBN Corporate Services Group 2 Head Ron Valdueza, and ABS-CBN Treasury Head Rick Tan.
“I believe that the significance of this to our company is that we have set a benchmark with this issue and successfully accessed the market that could become an important source of financing for our future endeavors. This transaction should raise our profile among the investing community and hopefully lower our finding cost later on as we establish a track record in the fixed income market. It is also part of our overall strategic plan that should help our company in maintain its position as the leader in our industry,” said ABS-CBN Chairman Eugenio L. Lopez III.
The event was held at the PDS Group Office at The Enterprise Center, Makati City and was attended by representatives from the Joint Issue Managers, including BDO Capital Investment Corporation President Eduardo V. Francisco, BPI Capital Corporation President Cecilia L. Tan, and The Hongkong and Shanghai Banking Corporation Limited President & CEO Jose Arnulfo A. Veloso. #