JG Summit raises $750M from offshore debt deal

By Doris C. Dumlao

Philippine Daily Inquirer

7:43 am | Thursday, January 17th, 2013

MANILA, Philippines–A unit of Gokongwei-led conglomerate JG Summit Holdings has raised $750 million from the sale of long-term offshore debt, making history for executing the largest overseas corporate debt deal out of the Philippines.

Wholly-owned subsidiary JGSH Philippines Ltd. issued 10-year senior debt at 4.375 percent per annum.

The debt issue was upsized from original offer size of $500 million due to strong demand. The order book reached $6.6 billion, said Wick Veloso, chief executive officer of HSBC Philippines which is one of the issue arrangers.

“JG Summit is a credit that the market wants an exposure to and this is best shown by the overwhelming demand and tight pricing,” Veloso said.

“This is the largest Philippine corporate offshore issuance so far,” he said.

The JG group last week mandated HSBC, Citigroup Global Markets Ltd. and Credit Suisse Securities (Europe) Ltd. as joint bookrunners and joint lead managers for this issue.

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Tags: Business , corporate debt deal , JG Summit

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