The Securities and Exchange Commission (SEC) has approved the P988 million follow-on offering (FOO) of Apollo Global Capital, Inc. and the P3 billion fixed-rate bond offering of Phinma Corporation.
In its meeting last August 5, the Commission En Banc resolved to render effective the registration statements of Apollo Global and Phinma, subject to their compliance with certain remaining requirements.
Apollo Global’s registration statement covers 12.35 billion common shares for listing on the Main Board of the Philippine Stock Exchange (PSE). The shares will be offered at a price of 7 to 8 centavos each, for net proceeds of up to P957.34 million.
Proceeds from the offer will be used for the acquisition of a 49 percent stake in Poet Blue Ocean, a special purpose vehicle, which owns the MB Siphon I vessel that will be used for the offshore mining activities of JDVC Resources Corporation.
The company will also allocate part of the proceeds for the purchase of environmental and ecological mitigating measures, equipment and insurance, as well as for general corporate purposes.
Apollo Global expects to conduct the FOO from August 19 to 25, and list the shares on the PSE on September 1. It has engaged Investment & Capital Corporation of the Philippines as issue manager and underwriter for the offer.
Phinma’s registration statement covers up to P2 billion of three-year fixed rate bonds due 2024, with an oversubscription option of up to P1 billion.
The company expects to net up to P2.95 billion from the offer, assuming the oversubscription option is fully exercised.
The proceeds will be used for the refinancing of short-term debt obligations, investment in strategic business units and/or general corporate purposes.
The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp.
Phinma tapped China Bank Capital Corporation and SB Capital Investment Corporation as the joint issue managers, joint lead underwriters, and joint bookrunners for the offer.