SEC approves AllDay IPO, Petron bond offer

Published September 24, 2021, 5:41 PM

by James A. Loyola

The Securities and Exchange Commission (SEC) has approved the P6 billion market debut of AllDay Marts, Inc. and the P18- billion bond offering of Petron Corporation.

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In its meeting last September 23, the Commission En Banc resolved to render effective the registration statements of AllDay Marts and Petron covering 22.86 billion common shares and P50 billion of fixed-rate bonds, respectively, subject to certain remaining requirements.

AllDay Marts will offer up to 6.86 billion primary common shares at a price of up to P0.80 per share, with an over-allotment option of up to 685.71 million common shares.

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Net proceeds from the sale of the primary offer shares could amount to P5.3 billion. The company could raise an additional P530.5 million, assuming the overallotment option is fully exercised.

The Villar-led company will use the proceeds from the initial public offering (IPO) for debt repayment, capital expenditures, and initial working capital for store network expansion.

AllDay Marts is a supermarket operator with a total of 33 stores spanning 55,881 square meters in aggregate net selling space, as of June 30. It plans to expand its store network to 45 by 2022 and 100 by the end of 2026.

The IPO will run from Oct. 15 to 25, with listing on the PSE scheduled for Nov. 3, according to the latest timetable submitted to the SEC.

AllDay Marts engaged PNB Capital and Investment Corp. as sole issue manager for the transaction. PNB Capital will also work with BDO Capital & Investment Corp. and China Bank Capital Corp. as joint lead underwriters and joint bookrunners.

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Meanwhile, Petron may issue the P50 billion worth of fixed-rate, peso-denominated bonds in one or more tranches within three years.

For the first tranche, Petron will offer to the public up to P18 billion worth of four-year Series E bonds due in 2025 and six-year Series F bonds due in 2027.

Petron expects to net P17.78 billion from the first tranche. Proceeds will be used for the redemption of its Series A bonds, for the partial financing of its power plant project, and for the payment of existing debt.

The bonds comprising the first tranche will be offered at face value from Sept. 27 to Oct. 5, in time for their listing on the Philippine Dealing & Exchange Corp. on Oct. 12, based on the latest timetable submitted to the SEC.

Petron engaged BDO Capital, China Bank Capital, Philippine Commercial Capital, Inc., PNB Capital, and SB Capital Investment Corporation as joint lead bookrunners and joint lead underwriters for the transaction.

First Metro Investment Corp., Land Bank of the Philippines, and RCBC Capital will also serve as co-lead underwriters for the offer.

 
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