Emperador repays £210-M debt from acquisition of UK whiskey firm
Emperador Inc., the hard liquor unit of property tycoon Andrew Tan’s Alliance Global Group Inc. (AGI), has cleared itself of debt it obtained for the acquisition of whiskey manufacturer Whyte and Mackay Group Ltd.
In a disclosure to the Philippine Stock Exchange, AGI said Emperador International Ltd has fully repaid the £210-million debt it secured from the Hongkong and Shanghai Banking Corp. Ltd. and JP Morgan Chase Bank N.A. last year.
The debt from the facility required Emperador Inc. and Emperador Distillers Inc. to give additional guarantees to AGI’s $500-million debt papers due 2017 listed in Singapore.
“In satisfaction of the full repayment of the facility by Emperador International Ltd. as of April 8, 2015, the additional guarantees have been fully, irrevocably and unconditionally released and discharged and the additional guarantors are released from all past, present and future liability under the additional guarantees,” AGI said.
“For the avoidance of doubt, the obligations of Alliance Global Group Inc. as the guarantor of the notes under the trust deed, and the agency agreement shall not be affected whatsoever by such discharge and release,” the conglomerate added.
Emperador is the top selling spirit in the Philippines with a dominant 50-percent share. It is the company behind leading brands Emperador, Generoso and Emperador Light brandies, and a line of flavored alcoholic beverages called The Bar.
The company completed last year the acquisition of a 100 percent stake in Whyte and Mackay Group Ltd. and its subsidiaries through wholly-owned unit Emperador UK Ltd. for a total value of £430 million or P31 billion.
Whyte and Mackay is considered as the fifth largest maker of Scotch whiskey in the world with a history of more than 160 years. It owns some of the most iconic Scotch brands in the industry, including the British luxury brand The Dalmore Single Highland Malt, Jura Premium Single Malt, and Whyte & Mackay Blended Scotch whiskies.