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Mar 23, 2017 @ 20:18

Del Monte Pacific prices preference shares at $10, with initial dividend rate of 6.625% annually

Del Monte Pacific Ltd. today announced it is issuing its planned preference shares at $10 each which will have an initial dividend rate of 6.625 percent per annum.

BDO Capital & Investment Corp. is the sole issue manager. BDO Capital is also joint lead underwriter and book runner together with China Bank Capital Corp., PNB Capital and Investment Corp., and RCBC Capital Corp.

The eligible brokers for the dollar-denominated securities are BDO Securities Corp. an Armstrong Securities Inc.

In its disclosure to the stock exchange, Del Monte Pacific said the 6.625-percent dividend rate will be payable semi-annually. The public offer period is until March 28 and the listing date for the shares is on April 7.

The payment dates for the dividend is on October 7 and April 7 of every year. The company has the option to redeem the shares on the fifth year but should it opt not to redeem the shares, the dividend rate will be adjusted to amount to 250 basis points over the 10-year US Treasury bond rate.

Proceeds from the issue will be used to partially refinance a loan from BDO Unibank.


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