1.) EDC moves to raise P7B for old debt (BWorld)
EDC signed a notes facility agreement on April 4 with RCBC Capital Corp. and SB Capital Investment Corp. which will stand in as joint issue managers and joint led arrangers. The new fixed rate corporate notes will have a tenor of 10 years at an interest rate to be determined prior to their issuances.
EDC had already issued P12 billion worth of fixed rate bonds in 2009 to refinance its maturing debt. The company had an outstanding yen-denominated loan of about P11 billion, earlier reports show. The P12-billion bond issue had two tranches, with P8.5 billion due in June 2015 and P3.5 billion due in December 2016.
2.) East West Bank sets IPO price range (ABS CBN)
East West Bank is raising P5.2-6.6 Bil in an initial public offering this year to be launched on April 20,2012 set at a price range of P18.5-23.50 per share. Pricing will be finalized on April 18, with listing set for May 7. Proceeds will be used to fund branch expansion, with an aim to increase its loan portfolio by 20-25% this year.
3.) GMA Network upbeat on Q1 after 2011 profit drop (BWorld)
GMA7 expects a stronger Q1 after profits dipped nearly 40% last year to P534 Mil. The firm has received commitments for 85% of its target advertising revenues. Guidance for the year is Php2.8 Bil.
4.) Robinsons Land to open 3 new malls, expand 2 others (ABS CBN)
RLC will open three new malls and expand two existing ones to boost its chain of commercial centers. In March, the company opened its full service mall in Calasiao, Pangasinan. Robinsons Place Palawan is slated to open in May, and Robinsons Magnolia in July. Two mall expansions in Tacloban and Bacolod have recently been completed. Total gross leasable area will reach 917,000 square meters at end September this year, while 2013, RLC expects another 100,000 sqm of GLA with four new malls and one expansion, all outside Metro Manila.