BDO Leasing to issue debt
by BWorld/11.2608
LISTED BDO Leasing and Finance, Inc. yesterday sought regulatory approval to sell short-term commercial debt worth P2 billion, the bulk of which will be used to pay for maturing loans. The firm will use over 80% of the proceeds to pay Banco De Oro, Philippine National Bank, United Coconut Planters Bank-Trust, Bank of the Philippine Islands, Landbank of the Philippines and Standard Chartered Bank where it has loans that will mature within two months and bear interest ranging from 7.24% to 8.75%. The balance will be used for relending, documents filed with the Securities and Exchange Commission showed. The company, the principal leasing and financing unit of Sy-led Banco De Oro Unibank, said it would pay 4.25% to 5.375% interest for the commercial instruments. It has yet to fix the price. The company chose sister firm BDO Capital Corp. as the underwriter.
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