D&L Industries gets green light for up to PHP 5 billion bond offering

By Marisa Wong

Los Angeles, Aug. 27 – D&L Industries, Inc. has secured approval from the Philippine Securities and Exchange Commission for its maiden bond offering with an up to PHP 3 billion base issue size and up to PHP 2 billion oversubscription option, according to a company press release.

The bonds will consist of three-year series A bonds and five-year series B bonds.

The offer period will run from Sept. 1 to Sept. 6, with settlement on Sept. 10.

China Bank Capital is the issue manager, lead underwriter and bookrunner.

Proceeds will be used mainly to finance the company’s expansion plans in Batangas and the corresponding working capital requirements.

PhilRatings has rated the bonds PRS Aaa.

The chemical company is based in Quezon City, Philippines.

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