Tanduay subsidiary to tap retail bond market for fresh funds
11/25/2009 | 03:40 PM
A subsidiary of liquor-maker Tanduay Holdings Inc. (THI) will be issuing fixed-rate retail bonds to refinance debt and fund general corporate activities.
THI told the Philippine Stock Exchange that Tanduay Distillers Inc. will be offering P5-billion unsecured fixed-retail bonds and will have a tenor of five years.
The company said the bonds have yet to be registered by the Securities and Exchange Commission.
THI said the Credit Rating and Investors Services Philippines Inc. has assigned an “AAA" rating, or the highest rating to the bond issuance. The rating was an indication of the company’s strong ability to meet its financial obligations.
The company’s gross profit margin averages 21.4 percent, while the net income margin is at 10.6 percent over the last five years.
Tapped as joint issue and lead managers were First Metro Investment Corp. and PNB Capital and Investment Corp.
Allied Banking Corp. was also appointed as a joint lead manager.
THI claims to be the second-largest producer of rum in the world.
For the year, the company sees a 21-percent improvement in its net income to P400 million, banking on a projection of a five-percent jump in sales.
Company officials also revealed that THI will expand its production in its distillery in Pulupandan, Negros Occidental.
Capacity will be nearly doubled from the current 120,000 liters a day to 220,000 liters. - GMANews.TV
THI told the Philippine Stock Exchange that Tanduay Distillers Inc. will be offering P5-billion unsecured fixed-retail bonds and will have a tenor of five years.
The company said the bonds have yet to be registered by the Securities and Exchange Commission.
THI said the Credit Rating and Investors Services Philippines Inc. has assigned an “AAA" rating, or the highest rating to the bond issuance. The rating was an indication of the company’s strong ability to meet its financial obligations.
The company’s gross profit margin averages 21.4 percent, while the net income margin is at 10.6 percent over the last five years.
Tapped as joint issue and lead managers were First Metro Investment Corp. and PNB Capital and Investment Corp.
Allied Banking Corp. was also appointed as a joint lead manager.
THI claims to be the second-largest producer of rum in the world.
For the year, the company sees a 21-percent improvement in its net income to P400 million, banking on a projection of a five-percent jump in sales.
Company officials also revealed that THI will expand its production in its distillery in Pulupandan, Negros Occidental.
Capacity will be nearly doubled from the current 120,000 liters a day to 220,000 liters. - GMANews.TV
