SEC approves 4 public offers worth P87 B

Published October 8, 2021, 3:48 PM

by James A. Loyola

The Securities and Exchange Commission (SEC) has public offerings to raise about P87 billion planned by Ayala Land, Inc., Synergy Grid & Development Phils, Inc., Megawide Construction Corporation, and The Keepers Holdings, Inc.

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 common shares worth up to P28 billion; Megawide for up to P4 billion in preferred shares; and The Keepers Holdings for up to P7.5 billion worth of common shares.

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.

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.

Synergy Grid will offer to the public up to 1.05 billion common shares priced at P15 to P25 each, with an overallotment option of up to 101 million common shares that will be offered by selling shareholders Henry Sy, Jr. and Robert Coyiuto, Jr.

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 Keepers Holdings, formerly Da Vinci Capital Holdings, Inc., will offer to the public 3 billion common shares at P2.00 to P2.50 per share.

The Lucio L. Co-led company will use the proceeds for strategic acquisition opportunities, expansion of product portfolio and distribution channels, investments in distribution and logistics network, working capital, and for general corporate purposes.

Megawide will be offering 30 million 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.

Proceeds will be used primarily to redeem the company’s Series 1 preferred shares.