Rice producer SL Agritech Corp. plans to raise up to P2 billion from the issuance of debt paper.
Net proceeds from the fund-raising activity will be used to pay the company’s short-term obligations and purchase rice and seed inventories from contract growers, it said.
SL Agritech received issuer credit rating of PRS Aa (corp.), with a stable outlook from Philippine Rating Services Corp. (PhilRatings) in relation to its planned issuance of up to P2 billion in commercial paper.
A company rated PRS Aa (corp.) means it has a strong capacity to meet financial commitments while stable outlook means that the rating is likely to be maintained in the next 12 months.
SL Agritech is one of the leading rice companies in the Philippines and exports high-quality rice seeds and premium packaged rice. Its fully integrated operations from hybrid rice seed research and development, to the sale of premium rice products allow the company to maximize its resources.
