SEC clears Bank of Commerce IPO, San Miguel bond offer


Posted at Feb 16 2022 11:34 AM | Updated as of Feb 16 2022 12:21 PM

MANILA - The Securities and Exchange Commission said Wednesday it has approved the initial public offering by Bank of Commerce and the fixed-rate bond offering by San Miguel Corp.

The SEC said Bank of Commerce will offer up to 280,602,800 common shares priced at up to P12.50 per share, which will be listed on the Main Board of the Philippine Stock Exchange.

"The bank expects to net about P3.34 billion from the offer. Proceeds will be used to fund the bank’s lending activities and finance capital expenditure requirements, in connection with upgrading its automated teller machine (ATM) fleet and core banking system," the SEC said. 

The IPO will run from March 7 to 15, with listing on the PSE scheduled for March 23, the SEC said citing the latest timetable submitted by the bank.

BDO Capital & Investment Corporation, China Bank Capital Corporation, Philippine Commercial Capital, Inc. (PCCI), and PNB Capital Investment Corporation will be the IPO's joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.

Bank of Commerce is a subsidiary of San Miguel Corp. 

The SEC also said San Miguel may issue the P60-billion fixed-rate bonds in one or more tranches within three years.

"For the first tranche, the listed conglomerate will offer to the public up to P25 billion of five-year Series J bonds due 2027, with an overallotment option of up to P5 billion of seven-year Series K bonds due 2029," the SEC said. 

The Ramon Ang-led conglomerate could net up to P29.6 billion from the offer, the proceeds of which will be used for the refinancing of short-term loans and for other general corporate purposes.

The SEC said the first tranche of the bonds will be offered at face value and will be listed on the Philippine Dealing and Exchange Corp. on March 1.

"SMC tapped BDO Capital and China Bank Capital as joint issue managers for the offering. They will work alongside BPI Capital Corporation, PCCI, PNB Capital, RCBC Capital Corporation, and SB Capital Investment Corporation as joint lead underwriters and bookrunners," the regulator said. 


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