By Revin Mikhael D. Ochave, Reporter
THE Securities and Exchange Commission (SEC) cleared the offerings of Ayala Land, Inc., Synergy Grid & Development Phils, Inc., Megawide Construction Corp., and The Keepers Holdings, Inc.
The SEC said in a statement on Friday that the offering of listed property developer Ayala Land covers P50 billion worth of fixed-rate, peso-denominated bonds under shelf registration in one or more tranches within three years.
The first tranche will offer up to P2.75 billion fixed-rate bonds due 2031, with an oversubscription option of up to P2.75 billion.
According to the SEC, Ayala Land is expected to earn up to P5.43 billion from the offer if the oversubscription option is fully subscribed. The proceeds will be used to partly refinance the property developer’s short-term loans and for capital expenditures for projects in Batangas, Laguna, and Bulacan.
“The bonds comprising the first tranche will be offered at face value from Oct. 12 to 18, in time for their listing on the Philippine Dealing & Exchange Corp. on Oct. 26, based on the latest timetable submitted to the SEC,” it said.
BDO Capital & Investment Corp. and BPI Capital Corp. are the joint lead underwriters and bookrunners for the offer, while RCBC Capital Corp. is the co-lead underwriter.
Synergy Grid will offer up to 1.05 billion common shares at P15 to P25 apiece, with an overallotment option of up to 101 million common shares that will be offered by shareholders Henry Sy, Jr. and Robert Coyiuto, Jr.
The firm’s shares will be listed and traded on the main board of the Philippine Stock Exchange, Inc. (PSE). Some P25.69 billion is expected to be earned from the offer. It will not receive proceeds from the sale of shares by the selling shareholders.
“Proceeds from the offer will be used for subscription to the non-voting preferred
shares to be issued by the National Grid Corp. of the Philippines, which the latter will use to finance its capital expenditure requirements and related costs and expenses,” the SEC said.
“The follow-on offering is scheduled to run from Oct. 26 to Nov. 2, with the shares to be listed on the PSE on Nov. 10, based on the latest timetable submitted to the SEC,” it added.
The joint global coordinators and joint bookrunners for the transaction are BofA Securities, J.P. Morgan Securities plc, and UBS AG Singapore Branch. BDO Capital will be the lone domestic coordinator, and will be the joint domestic lead underwriter and joint bookrunner together with BPI Capital and PNB Capital and Investment Corp.
The SEC also approved Megawide’s offer consisting of 30 million cumulative, redeemable, non-voting, non-participating, and non-convertible perpetual Series 4 preferred shares at up to P100 apiece, with an oversubscription option of up to 10 million preferred shares.
The offer is expected to earn P3.97 billion assuming that the oversubscription option is fully exercised. It will be used to redeem Megawide’s Series 1 preferred shares.
“Megawide will offer the shares to the public from Oct. 5 to 12, in time for their listing on the PSE on Oct. 22,” the SEC said.
“RCBC Capital will serve as the sole issue manager, lead underwriter, and bookrunner for the offer, while PNB Capital will act as co-lead underwriter,” it added.
Meanwhile, the SEC also approved the offering of The Keepers Holdings, formerly Da Vinci Capital Holdings, Inc., which consists of 3 billion common shares priced at P2 to P2.50 apiece.
The firm expects to net P5.82 billion to P7.29 billion from the offering, which will be allocated for “strategic acquisition opportunities, expansion of product portfolio and distribution channels, investments in distribution and logistics
network, working capital, and for general corporate purposes.”
The SEC said the offering will run from Nov. 8 to 12, adding that the shares will be listed on the PSE on Nov. 22, according to the latest timetable passed to the SEC.
“The company engaged China Bank Capital Corp., PNB Capital, and SB Capital Investment Corp. as the joint issue managers, joint lead underwriters, and joint bookrunners for the offer,” the SEC said.