By Marisa Wong
Los Angeles, March 30 – Converge Information and Communications Technology Solutions, Inc. (Converge ICT) announced it priced PHP 10 billion of fixed-rate bonds under its new PHP 20 billion shelf registration program.
Converge’s maiden bond offering had a base size of PHP 5 billion and an oversubscription option of up to PHP 5 billion.
The bonds priced at 50 basis points over the Philippine five-year BVAL rates, at the tight end of the marketed 50 bps to 100 bps range, resulting in a total of about 5.59% for the bonds, according to a press release.
Proceeds will be used for capital expenditures related to the expansion of Converge’s nationwide fiber network, including new markets in Visayas and Mindanao.
BDO Capital & Investment Corp. and BPI Capital Corp. were the joint lead underwriters.
The telecommunications company is based in Angeles City, Philippines.
| Issuer: | Converge Information and Communications Technology Solutions, Inc.
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| Issue: | Fixed-rate bonds
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| Amount: | PHP 10 billion
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| Coupon: | About 5.59%
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| Spread: | 50 bps over Philippine five-year BVAL rates
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| Lead underwriters: | BDO Capital & Investment Corp. and BPI Capital Corp.
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| Issue manager: | BDO Capital & Investment Corp.
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| Announcement date: | March 29
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| Ratings: | Philippine Ratings Services Corp.: PRS Aaa
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| Price talk: | 50 bps to 100 bps
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