Alliance Global Falls in Manila as Said to Market 7-Year Bonds in Dollars
Stock Chart for Alliance Global Group Inc (AGI)
Alliance Global Group Inc., the Philippines-listed company with interests in food and property, started marketing seven-year bonds denominated in U.S. dollars, according to a person familiar with the matter.
The company told investors it may price the notes to yield about 6.75 percent, said the person, who asked not to be identified because the details are private.
UBS AG is managing the sale for Alliance Global Group Cayman Islands Inc., Alliance said in a filing to the Philippine Stock Exchange yesterday. Money raised will be used to finance projects and pay back debt, it said, without being more specific.
Alliance Global has the equivalent of $44 million in loans outstanding, according to data compiled by Bloomberg. The term loan denominated in Philippine pesos was arranged in 2008 and matures next year, the data show.
The new bonds may price as soon as today and the sale will probably be benchmark in size, said the person. Benchmark typically means at least $500 million.
Alliance Global fell 4 percent to 6.17 pesos as of 9:48 a.m. in Singapore.
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