CARD issues P750-M corporate notes

MANILA, Philippines - The Center for Agriculture and Rural Development (CARD) Inc. issued P750 million in corporate notes last June 13. The proceeds from the five-year notes issuance will be used to expand CARD’s microfinance lending operations. PNB Capital & Investment Corp., the wholly-owned investment bank subsidiary of the Philippine National Bank (PNB), acted as lead arranger of the issue. Joining the group of noteholders were Allied Banking Corp., Banco De Oro Unibank Inc., BDO Private Bank, Philippine National Bank, Rizal Commercial Banking Corp. and Security Bank Corp. The notes issuance, which was more than two times oversubscribed, is a milestone transaction for CARD and the entire CARD Mutually Reinforcing Institutions as it establishes the group’s ability to raise long-term financing from the capital markets without any form of guarantee support. Incorporated in December 1986 as an non-government organization, CARD focuses on improving the quality of life of micro-entrepreneurs and their families in underdeveloped and economically challenged areas.