BDO Unibank Inc has completed the largest equity capital raising in the Philippines at $1.2 billion (P60 billion).
“This represents another milestone for the bank, with the transaction considered as the largest equity capital markets transaction by a Philippine corporate entity to-date,” the listed bank said in its statement.
Credit Suisse, UBS and BDO Capital served as Joint Global Coordinators and together with the Joint Global Coordinators, Citigroup, Goldman Sachs and HSBC acted as Joint Bookrunners. BDO Capital served as Issue Manager and Domestic Underwriter.
The Sy-led bank earlier disclosed that it concluded P60 billion rights offering of common shares following the close of the offer period on January 24, 2017.
The offer saw strong participation from the BDO’s domestic and international investors and was oversubscribed.
At the listing date, slated on January 31, 2017 on the Philippine Stock Exchange, a total of 716,402,886 rights shares are expected to be issued at a price of P83.75 each.
BDO noted the offer strengthens its Common Equity Tier 1 Capital, and supports the bank’s medium-term growth objectives amid the country’s favorable macroeconomic prospects.
“This provides a comfortable buffer over higher capital requirements with the imposition of the Domestic Systemically Important Bank (DSIB) surcharge,” BDO added.
BDO’s last trading price on January 26 increased 1.96 per cent or P2.20 to close at P114.20 per share.