FEU accepts P3-B credit line from BDO

Far Eastern University (FEU) Inc. has accepted a P3-billion credit line from BDO Unibank Inc. to infuse fresh funds for capital expenditure, following its takeover of Roosevelt College Inc.

In a filing with the Philippine Stock Exchange on Wednesday, FEU said credit accommodation will be used to finance the school's capital spending, strategic investments, and general corporate funding needs.

FEU has entered into a share purchase agreement with Roosevelt College for the acquisition of 80 percent of issued and outstanding capital stock for P808.48 million.

Under the deal, FEU may increase its shareholding to 99.42 percent by purchasing additional shares from other stockholders under the same terms and purchase price. The total transaction was valued at P1.005 billion.

Roosevelt College has five campuses and offers programs from elementary, secondary, tertiary, to graduate school. – Jon Viktor Cabuenas/VDS, GMA News