GLOBE Telecom, Inc. has priced the first tranche of a follow-on offering of 20 million non-voting preferred shares, with the dividend rate for Series A shares set at 6.1179 percent per annum and that for Series B shares at 6.7631 percent per year.
The telco told the stock exchange on Wednesday that up to P25 billion in proceeds could be raised if an oversubscription option was fully exercised.
Proceeds from the share sale will be used mainly to redeem all or a portion of its maturing perpetual capital securities and fund capital expenditures.
Globe earlier said the first tranche of the follow-on offering would consist of 12.5 million non-voting preferred shares with a base size of 7.5 million shares and an oversubscription option of 5 million shares, at an offer price of P2,000 apiece.
BPI Capital Corp., BDO Capital & Investment Corp. and China Bank Capital Corp. were named as joint lead issue managers for the transaction.
First Metro Investment Corp. and Security Bank Capital Investment Corp., together with BPI Capital, BDO Capital and China Bank Capital will serve as joint underwriters and joint bookrunners.
Globe shares on Wednesday closed unchanged at P1,730.00 each.
