MANILA, Philippines — The Securities and Exchange Commission (SEC) has given its green light to the planned bond offering of Converge ICT.
In its March 22 meeting, the SEC en banc approved the planned P20 billion bond offer of Converge under the regulator’s shelf registration program.
Converge may offer the P20 billion fixed-rate bonds in tranches within three years, with the first tranche consisting of P5 billion with an oversubscription option of up to P5 billion, due 2027.
Proceeds amounting up to P9.87 billion will be used to fund the company’s capital expenditures in connection with plant equipment and other property, plant, and equipment and intangible assets for the expansion of its nationwide fiber network.
The bonds comprising the first tranche will be offered at face value from March 14 to 18, and will be listed on the Philippine Dealing & Exchange Corp. on March 25, according to the latest timetable submitted to the SEC.
Converge engaged BDO Capital & Investment Corp. as the issue manager for the transaction. BPI Capital Corp. is joint lead underwriter and bookrunner.
The SEC also approved the P1 billion public offering of the Asia Pacific Medical Center Bacolod Inc. (APMC) for up to P1 billion of common shares, subject to the companies’ compliance with certain remaining requirements.
APMC Bacolod will offer to the public 3,600 blocks composed of 10 shares each, at an offer price ranging from P250,000 to P400,000 per block. The shares will be traded over the counter.
Net proceeds from the offer, which could amount to P997.52 million, will be spent for building and construction, loan payment, working capital, and other expenses related to its P2.6 billion medical facility in Bacolod.