SL Agritech raises P2.0B to fund expansion
To fund its expansion, hybrid rice producer SL Agritech Corporation (SLAC) returned to the bond bourse to raise as much as as P2 billion through selling commercial paper, a statement from Philippine Dealing & Exchange Corp. (PDEX) showed.
SL Agritech Chief Finance Officer Gerry Lim Bon Hiong and Director Joseph Lim Bon Huan led the ringing of the ceremonial bell to herald the start of trading of the SLAC Commercial Paper Series G, H, and I in the secondary market.
The fund, according to SLAC officials, will be used to fund the firm’s expansion.
It was in January 2016 when the local debt market first welcomed SLAC with the issuance and listing of its P1-billion commercial paper program. This was followed by another issuance in December of the same year, listing its P1.5 billion worth of commercial paper.
According to PDEX, the company’s latest and additional commercial paper amounting to P2.0 billion carry the same security features as the first two issues.
The SLAC Commercial Paper Program Series G, H and I were pegged at the final rate of 4.9000 percent, 5.1250 percent, and 5.3000 percent, respectively.