Jul 242014

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SCREENGRAB from www.sec.gov.ph

MANILA, Philippines—The Securities and Exchange Commission has approved a plan by tycoon George Ty-led conglomerate GT Capital Holdings Inc. to raise as much as P12 billion from a retail offering of long-term bonds.

Based on documents from the SEC, GT Capital was given the go-signal to offer P10 billion in fixed-rate bonds with a tenor of five years and three months, seven years and 10 years. The conglomerate was also given leeway to upsize the offering by another P2 billion in case of strong demand.

The bonds will be issued in scripless form in minimum denominations of P50,000 each and in multiples of P10,000 thereafter. They are intended to be listed on fixed-income trading platform Philippine Dealing & Exchange Corp.

First Metro Investment Corp., BDO Capital and Investment Corp., BPI Capital Corp. and China Banking Corp. were mandated as joint lead underwriters. They each committed to underwrite up to P2.5 billion worth of bonds.

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