PNB Capital arranges CARD Inc.’s P750M corporate notes

PNB Capital arranges CARD Inc.'s P750M corporate notes


Center for Agriculture and Rural Development (CARD) Inc. issued P750 million in Corporate Notes last June 13, 2010.

The proceeds from the 5-year Notes Issuance will be used to expand CARD Inc.'s microfinance lending operations.

PNB Capital & Investment Corporation (PNB Capital), 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 Corporation, Banco De Oro Unibank, Inc., BDO Private Bank, Philippine National Bank, Rizal Commercial Banking Corporation, and Security Bank Corporation.

Incorporated in December 1986 as an NGO, CARD Inc. focuses on improving the quality of life of microentrepreneurs and their families in underdeveloped and economically challenged areas of the Philippines.

In its capacity as a microfinance institution, CARD Inc. provides direct financing, research, development work, and economic evaluation in pursuit of its social mission.

The Notes Issuance, which was more than two times oversubscribed, is a milestone transaction for CARD, Inc. and the entire CARD Mutually Reinforcing Institutions because it establishes the group's ability to raise long-term financing from the capital markets without any form of guarantee support.

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