EEI Corp. has raised P6 billion from the offering of its Series A (EEIPA) and Series B (EEIPB) Preferred Shares to the public, marking its return to the equity capital markets since its P540-million stock rights offering in 2007.

In a statement, the firm said strong demand for its Preferred Shares from investors resulted in an order book that is 4.85 times oversubscribed compared to the P4 billion on offer.

This allowed EEI to exercise the oversubscription option and upsize the total offering amount to P6 billion.

"EEI's Preferred Shares were oversubscribed with strong demand from institutional and retail investors who want exposure to a major player in the infrastructure development of the country," said RCBC Capital Corp., the Sole Issue Manager of the offering.

Proceeds from the issuance are expected to further aid the growth of the company through the financing of its current and future projects and capital expenditures for new equipment for its operations.

Other uses for the proceeds of the offer include the repayment of existing short-term loans and funding of general and working capital requirements.

EEIPA and EEIPB have an initial dividend rate per annum of 5.7641 percent and 6.9394 percent, respectively, and are scheduled to be listed on the Philippine Stock Exchange on December 23, 2021.

"We’re grateful for the public’s faith and trust in our company despite the challenges that we face. This fundraising exercise positions the Company to more actively participate in projects that contribute to nation building," said EEI Chief Financial Officer Cris Noel Torres.

EEI has mandated RCBC Capital Corporation as Sole Issue Manager and, together with SB Capital Investment Corporation, as Joint Lead Underwriters and Bookrunners for the issue.