MANILA, Philippines--(BUSINESS WIRE)--AG&P, an industrial process outsourcing (IPO) company, achieved financial close of its over USD 72 million domestic corporate notes issuance and just over USD 19 million committed working capital line offering.
Investment & Capital Corporation of the Philippines (ICCP) and BPI Capital Corporation (BPI Capital) acted as Joint Issue Managers and Joint Lead Arrangers.
The seven-year Corporate Notes were subscribed by the Bank of the Philippine Islands (BPI), Development Bank of the Philippines (DBP) and Land Bank of the Philippines (Landbank).
AG&P is raising funds to support its growth in line with strong demand for modularization and skilled manpower solutions across the global supply chains of onshore and offshore petroleum, mining, power and civil infrastructure.
Joseph M. Sigelman, Chairman, led the acquisition of AG&P just over two years ago. He commented, "We are grateful to BPI, DBP and Landbank for recognizing the potential of AG&P to redefine the execution of construction from our base in the Philippines. AG&P's modularization will find its way to the world's largest, most complex and most critical infrastructure projects."
Said Mr. Marcial Morales, President & CFO, "In the last two years, this 113-year old company has achieved remarkable growth since the entry of the new management. Undoubtedly, AG&P's first foray in recent times into the debt capital markets shows a strong vote of confidence from the financial community to support its long-term plans in developing into a leading infrastructure support services company on a worldwide basis."
William M. Valtos, Jr., ICCP Vice Chairman and Conrado A. Gloria, Jr., President and COO, said, "We at ICCP are honored to have played a significant role in the success of this major fund-raising exercise for AG&P. We appreciate the confidence AG&P has shown by working with ICCP and BPI Capital."
AG&P is an industrial process outsourcing (IPO) company providing modular construction, fabrication and asset support services to the oil & gas, mining, power and civil infrastructure sectors.
Working in the Philippines from two major yards totalling 150 hectares, the largest in SE Asia, AG&P delivers mission-ready modules to the world's most important clients, optimizing cost, quality and safety while enhancing the constructability, flexibility and reusability of critical infrastructure projects. AG&P operates at the highest health and quality standards.
AG&P enjoys a strong culture, built over its 113-year history of operational excellence. AG&P's team of over 3,500 professionals, engineers and technicians support multiple construction projects, delivering infrastructure where our clients need it, when they need it.
Further information can be found on the AG&P website at www.agp.ph.