It will also invest P30.1 billion in convertible bonds that will be swapped for MPPHI shares in 10 years. The transaction is expected to be completed by the end of the year. Singapore's sovereign wealth fund GIC will restructure its current investment in MPHHI and re-invest alongside KKR. MPHHI's parent firm, Metro Pacific Investments Corp. will use proceeds from the sale to pare down its bank borrowings and fund the continued expansion of subsidiaries and joint ventures. Given KKR's investment, MPHHI deferred its planned initial public offering.