SEC clears offerings by Ayala Land, Synergy Grid, Megawide, Keepers Holdings
The Securities and Exchange Commission (SEC) has considered favorably the public offerings by Ayala Land, Inc., Synergy Grid & Development Phils, Inc., Megawide Construction Corporation, and The Keepers Holdings, Inc.
In its meeting on October 7, the Commission En Banc resolved to render effective the respective registration statements of Ayala Land covering P50 billion of bonds under shelf registration; Synergy Grid for up to 1,154,500,000 common shares; Megawide for up to 40 million preferred shares; and The Keepers Holdings for up to 3 billion common shares, subject to certain remaining requirements.
AYALA LAND
Ayala Land may issue the P50 billion worth of fixed-rate, peso-denominated bonds in one or more tranches within three years.
For the first tranche, the listed property developer will offer to the public up to P2.75 billion worth of fixed-rate bonds due 2031, with an oversubscription option of up to P2.75 billion.
Ayala Land expects to net up to P5,426,768,125 from the offer, assuming the oversubscription option is fully subscribed. Proceeds will be used to partially refinance the company’s short-term loans and to fund capital expenditures for projects In Batangas, Laguna, and Bulacan.
The bonds comprising the first tranche will be offered at face value from October 12 to 18, in time for their listing on the Philippine Dealing & Exchange Corp. on October 26, based on the latest timetable submitted to the SEC.
Ayala Land engaged BDO Capital & Investment Corporation and BPI Capital Corporation as joint lead underwriters and bookrunners for the offer, with RCBC Capital Corporation as co-lead underwriter.
SYNERGY GRID
Synergy Grid will offer to the public up to 1,053,500,000 common shares priced at P15 to P25 each, with an overallotment option of up to 101,000,000 common shares that will be offered by selling shareholders Henry Sy, Jr. and Robert Coyiuto, Jr. The shares will be listed and traded on the Main Board of the Philippine Stock Exchange, Inc. (PSE).
The company expects to net P25.69 billion 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 Corporation of the Philippines, which the latter will use to finance its capital expenditure requirements and related costs and expenses.
The follow-on offering is scheduled to run from October 26 to November 2, with the shares to be listed on the PSE on November 10, based on the latest timetable submitted to the SEC.
Synergy Grid tapped BofA Securities, J.P. Morgan Securities plc, and UBS AG Singapore Branch as joint global coordinators and joint bookrunners for the transaction. BDO Capital will serve as sole domestic coordinator, and will act as joint domestic lead underwriter and joint bookrunner alongside BPI Capital and PNB Capital and Investment Corporation.
MEGAWIDE
Megawide will be offering 30,000,000 cumulative, redeemable, non-voting, non-participating, and non-convertible perpetual Series 4 preferred shares priced at up to P100 each, with an oversubscription option of up to 10,000,000 preferred shares. The shares will be listed and traded on the Main Board of the PSE.
The listed engineering and construction development company expects to net P3,967,711,875 from the offer, assuming the oversubscription option is fully exercised. Proceeds will be used primarily to redeem the company’s Series 1 preferred shares.
Megawide will offer the shares to the public from October 5 to 12, in time for their listing on the PSE on October 22.
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.
KEEPERS HOLDINGS
The Keepers Holdings, formerly Da Vinci Capital Holdings, Inc., will offer to the public 3,000,000,000 common shares at P2 to P2.50 per share.
The Lucio L. Co-led company expects to net P5.82 billion to P7.29 billion from the offering, which will be used 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 Keepers Holdings’ offering will run from November 8 to 12, with the shares to be listed on the PSE on November 22, based on the latest timetable submitted to the SEC.
The company engaged China Bank Capital Corporation, PNB Capital, and SB Capital Investment Corporation as the joint issue managers, joint lead underwriters, and joint bookrunners for the offer.
