SEC approves 4 major capital-building exercises

The Securities and Exchange Commission (SEC) has approved a re-initial public offering (re-IPO) of as much as P28.85 billion planned by electricity superhighway operator Synergy Grid & Development Phils. as well as a re-IPO of up to P7.5 billion sought by liquor, wine and specialty beverage retailer The Keepers Holdings Inc. The SEC likewise approved the P50-billion bond shelf registration of property giant Ayala Land Inc. and up to P4 billion worth of preferred shares offering planned by Megawide Construction Corp.

Synergy Grid, led by business tycoons Henry Sy Jr. and Robert Coyiuto Jr., will offer to the public up to 1.053 billion primary common shares at P15 to P25 each. The firm may offer an additional 101 million secondary shares as part of an overallotment option. The follow-on offering is scheduled to run from Oct. 26 to Nov. 2, with the shares to be listed on the main board of the Philippine Stock Exchange (PSE) on Nov. 10, subject to further approval by the local bourse.

Synergy intends to use the proceeds to inject capital into 60-percent subsidiary National Grid Corporation of the Philippines, the sole and exclusive operator of the country’s transmission network linking power generators and distribution utilities. Up to 3B common shares

Bank of America Securities, J.P. Morgan Securities plc. and UBS AG Singapore Branch are the joint global coordinators and joint bookrunners for the transaction. BDO Capital will serve as sole domestic coordinator, but will also act as joint domestic lead underwriter and joint bookrunner alongside BPI Capital and PNB Capital and Investment Corp.

Formerly Da Vinci Capital Holdings Inc., tycoon Lucio Co-led The Keepers will offer to the public up to three billion common shares at P2 to P2.50 per share. The offering is targeted to run from Nov. 8 to 12, with the shares to be listed on the PSE on Nov. 22, subject to PSE’s approval.

Proceeds will be used for strategic acquisitions, expansion of product portfolio and distribution channels, investments in distribution and logistics network, working capital and for general corporate purposes.

China Bank Capital Corp., PNB Capital and SB Capital Investment Corp. were mandated as joint issue managers, joint lead underwriters and joint bookrunners.

Ayala Land, meanwhile, was authorized to issue up to P50 billion worth of fixed-rate, peso-denominated bonds in one or more tranches within the next three years.

First tranche

For the first tranche, Ayala Land will offer to the public up to P2.75 billion worth of fixed-rate bonds due 2031. The offer may increase by another P2.75 billion.

Net 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.

The bonds comprising the first tranche will be offered at face value from Oct. 12 to 18, in time for their listing on the Philippine Dealing & Exchange Corp. on Oct. 26, based on the latest timetable submitted to the SEC.

Ayala Land engaged BDO Capital & Investment Corp. and BPI Capital Corp. as joint lead underwriters and bookrunners, with RCBC Capital Corp. as colead underwriter.

For its part, Megawide will offer 30 million cumulative, redeemable, nonvoting, nonparticipating and nonconvertible perpetual series 4 preferred shares priced at up to P100 each. There will be an oversubscription option of up to 10 million preferred shares.

The shares will be listed and traded on the main board of the PSE.