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First Metro Investment Corp. (FMIC), the
investment-banking arm of Metropolitan Bank & Trust Co.,
disclosed to the Philippine Stock Exchange that it would be selling
debt papers to the public.
FIMC will issue in one or two
tranches P2-billion worth of four-year floating rate debt notes to
the public starting June 29, with PBC Capital Investment Corp. as
the issue manager and underwriter.
The Philippine Depository Trust
Corp. was assigned as the bond sale’s collateral agent and
registrar while Metrobank’s Trust Banking Group would serve as the
paying agent.
The bonds would have a minimum
interest rate of 25 basis points over the applicable base rate and
shall be paid quarterly. Penalty interest on any defaulted payments
would be 2 percent a month from due date until it is fully paid.
FMIC is also a holding company
handling treasury operations, trading and investment advisory. Its
profits surged by 104 percent in the first quarter to P811.5 million
as investment-banking fees reached P22.93 million.
During the period, FMIC served as
co-underwriter for the stock rights offering of EEI Corp. and was
loan arranger for Lapanday Foods Corp., Petron Corp. and Pancake
House Inc.
The bank also served as financial
advisor to Parallax Venture and Integrated Global Low-Temperature
Operations and arranger to the P2-billion floating debt note sale of
Ayala Corp.
 --Likha
Cuevas-Miel
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