By Marisa Wong
Morgantown, W.Va., Dec. 11 – Philippines’ Del Monte Pacific Ltd. said it closed its oversubscribed offering of series A-2 preference shares, raising $100 million, including $20 million from oversubscribed shares.
The preference shares were sold at $10.00 per share, according to a Monday press release.
BDO Capital and Investment Corp. and China Bank Capital Corp. were the joint lead underwriters with BDO Capital as the issue manager and bookrunner.
The company had planned to offer $80 million of preference shares, with an up to $80 million over-allotment option, as previously announced.
The offer period for the second tranche of dollar-denominated series A preference shares ran from Nov. 28 to Dec. 8. Settlement is slated for Dec. 15.
The company had issued an initial tranche of the dollar-denominated series A preference shares totaling $200 million in April 2017.
Proceeds from the current tranche will be used to repay a bridge loan from BDO Unibank, Inc. due in February 2019.
Based in Taguig City, Philippines, Del Monte Pacific produces and markets packaged vegetable and fruit, beverage and culinary products.
| Issuer: | Del Monte Pacific Ltd.
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| Issue: | Series A-2 preference shares
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| Amount: | $100 million
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| Underwriters: | BDO Capital and Investment Corp. (bookrunner and issue manager) and China Bank Capital Corp.
|
| Price: | $10.00 per share
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| Offer period: | Nov. 28-Dec. 8
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| Settlement date: | Dec. 15
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