The Philippine Stock Exchange (PSE) has approved Globe Telecom Inc.’s follow-on public offering of non-voting preferred shares worth up to P25 billion.
The telecommunications firm said Monday it would offer up to 12.5 million non-voting preferred shares priced at P2,000 each. The transaction includes a firm offer of 7.5 million shares and an oversubscription option for another 5 million shares, consisting of Series A and Series B shares with a par value of P50 per share.
A firm offer could raise P15 billion, while the full exercise of the oversubscription option would bring total proceeds to P25 billion.
Globe said it expects to use about P14.88 billion from the base offer to redeem its outstanding US dollar-denominated senior perpetual capital securities. These securities originated from a $600-million issuance in November 2021 and have a first call date on Aug 2, 2026.
If the oversubscription option is fully exercised, the company will allot an additional P8 billion for the redemption. Globe expects to utilize 1.95 billion of the proceeds for capital expenditures.
The shares represent the first tranche under the company’s shelf registration of 20 million non-voting preferred shares for listing on the local bourse.
The offer period is scheduled from Feb. 13 to Feb. 20, 2026, with price and dividend rates set to be determined on Feb 10. Listing is tentatively scheduled for March 2.
BPI Capital Corp., BDO Capital & Investment Corp. and China Bank Capital Corp. are acting as joint lead issue managers, underwriters and bookrunners.
They are joined by First Metro Investment Corp. and Security Bank Capital Investment Corp. The offering remains subject to approval by the Securities and Exchange Commission.
