Bloomberry raises $210M via shares sale

Bloomberry Resorts Corp. has completed a $210-million fund-raising for the first phase of its integrated gaming and entertainment complex in Pagcor City.

In a disclosure to the Philippine Stock Exchange, Bloomberry said it had sold 1.179 billion shares at P7.50 per share. The offering was at least five times oversubscribed and the equity deal was accelerated due to strong demand.

Total proceeds from this re-initial public offering amounted to P8.85 billion, or $210 million, before the exercise of the option to increase allotment.

CLSA, as the stabilizing agent, has the option to take up additional 117.996 million shares of Bloomberry.

The Bloomberry equity deal was crossed at the PSE in block transactions worth P9.7 billion on May 2. About 1.3 billion common shares were crossed at P7.50 per share, covering even the overallotment option.

The equity deal was priced in the United States on May 1 (May 2 in Manila) following an international road show.

The re-IPO followed a backdoor listing on the local stock exchange. The share sale was arranged by investment banks CLSA and UBS.

Under the re-IPO via a “top-up” scheme, Prime Metroline lent some secondary shares of Bloomberry for sale to new investors. Prime Metroline will, however, buy the same number of shares to be issued by Bloomberry, thereby channeling proceeds from the equity deal to the gaming complex.

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