STI Education Systems Holdings unit redeems P2.18B worth of bonds
LISTED STI Education Systems Holdings, Inc. (STI Holdings) said its education unit has fully redeemed Series 7Y bonds worth P2.18 billion.
The bond offering of STI Holdings’ education unit, STI Education Services Group, Inc. (STI-ESG), had a maturity date on March 23, the listed company said in a regulatory filing on Tuesday.
“Since the maturity date of the bonds was a nonbusiness day, the redemption payment was made on March 25, the next business day, in accordance with the terms of the bonds,” STI said.
The Series 7Y bonds is part of the first tranche worth P3 billion under the STI-ESG’s shelf registration of up to P5 billion filed in 2017.
The net proceeds from the offering were used to finance the company’s campus expansion projects, refinancing of short-term loans incurred for land acquisition, and other general corporate requirements.
Based on its website, STI-ESG has a school network of 63 schools comprising of 60 colleges and three education centers.
STI-ESG offers various associate and baccalaureate degrees and technical-vocational programs in information and communications technology, arts and sciences, business and management, education, engineering, hospitality management, tourism management, engineering, education, psychology, and criminology.
In the first half of its fiscal year ending June, STI Holdings saw a 132% increase in its net income to P517.8 million from P223.19 million the prior year.
The company’s revenues surged by 36% to P2 billion from P1.4 billion in 2023.
On Tuesday, STI Holdings shares fell by 1.3% or one centavo to 76 centavos per share. — Revin Mikhael D. Ochave