Gaming firm Leisure & Resorts World Corp. (LRWC) has listed on the Philippine Stock Exchange P1.65 billion worth of preferred shares which it raised from a recent private offering to selected investors, along with the corresponding warrants.
LRWC is also working on another tranche of preferred shares worth P250 million, which it will offer to the investing public. The shares will be listed on the PSE by the first quarter of 2014, the company told the local stock exchange Monday.
The next tranche will have the same features and benefits as the current preferred shares already listed under the ticker LRP.
The corresponding 82.5 million warrants were listed under the symbol LRW.
These preferred shares have a coupon of 8.5 percent per annum, and are paid semi-annually. For every 20 preferred shares held, each investor is entitled to one warrant. Each warrant, if exercised at a price of P15 a share or the average trading price for the three months prior (whichever is lower), will be converted into one common share.
The funds raised from this offer would be used to fund LRWC’s participation in Belle Corp.’s “City of Dreams Manila” resort and casino project, the renovation of Midas Hotel and Casino, and construction of Techzone building in Makati.
The biggest investor in LRWC’s offering was the Government Service Insurance System, which paid P800 million. Philippine Commercial Capital Inc. and Philippine Business Bank – Trust and Investment Center each bought P200 million worth of shares, while Vantage Equities, Beneficial Life Insurance Co. Inc. and Maybank ATR Kim Eng Capital Partners each bought P100 million worth of shares.