BDO Unibank, Inc. (BDO) ” has successfully completed its P60-billion (approximately $1.2 billion) rights offering of common shares following the close of the offer period on Jan. 24, 2017. 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 Offer saw strong participation from the Bank’s domestic and international investors and was oversubscribed. At the listing date, a total of 716,402,886 Rights Shares are expected to be issued at a price of P83.75 each. The listing of the Rights Shares on the Philippine Stock Exchange is scheduled for 31 January 2017.
The Offer strengthens BDO’s Common Equity Tier 1 Capital, and supports the Bank’s medium-term growth objectives amid the country’s favorable macroeconomic prospects. Additionally, this provides a comfortable buffer over higher capital requirements with the imposition of the Domestic Systemically Important Bank (DSIB) surcharge.
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.
