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FIRST
Philippine Holdings Corp. (FPHC) may raise more funds
this year to refinance a $70-million maturing loan in
2009.
“We may
raise financing in 2008 and if there’s a window later
this year, we may tap borrowings,” president Elpidio
Ibanez told reporters in an interview late Tuesday.
He did
not say though if the new borrowings will be in pesos or
in dollars.
“The
market is still fidgety because of global happenings
currently affecting the global financial market. We will
still study our options,” Ibanez added.
The
company, also known as FPHC, whose shares are traded at
the Philippine Stock Exchange (PSE), has scheduled on
April 10 to April 17, the offer period for its series B
perpetual preferred shares worth up to P5 billion.
After
the offer period, the company will list the preferred
shares on April 25. A perpetual preferred share has no
fixed maturity and pays its stated dividend forever or
“in perpetuity.”
FPHC’s
offering involves primary shares numbering to 30 million
with an over-allotment option of 20 million to be sold
at P100 each.
The
shares are cumulative, non-voting, nonparticipating and
non-convertible peso-denominated. Each share has a par
value of P100 and a liquidation right equivalent to
P100.
The
issuance will be taken from FPHC’s 200 million
authorized preferred share capital. BDO Capital and
Investment Corp. is the issue manager and sole
bookrunner for the said offering.
Following the offer, FPHC will have 588.91 million
common shares; 20 million series-A preferred shares and
30 million series-B perpetual preferred shares issued
and outstanding.
FPHC
intends to use the proceeds from the sale of the
perpetual preferred shares to partially repay/refinance
its outstanding debts amounting to around P1.5 billion;
as well as fund strategic acquisitions programmed this
year up to 2011; and other capital and operating
requirements.
“The
company plans to acquire additional stake in Meralco
should the government proceed with its public
pronouncements to sell Meralco shares held by the
national government and/or government-owned and
controlled corporations,” FPHC said.
The
company is also open to exploring other investment
opportunities in electronics/electricals manufacturing
and other infrastructure projects such as tollroads.
FPHC is
43-percent owned by Benpres Holdings Corp., also a
Lopez-owned company. |
