PSE approves Del Monte preference share offer

THE Philippine Stock Exchange (PSE) has approved Del Monte - sue the second tranche of dollardenominated securities that would allow the company to raise up to $160 million.

DMPL earlier said it would issue the second tranche of Series A Preference Shares with a base size of 8 million and an overallotment option of the same size. This is equivalent to an aggregate issue size of 16 million preferred shares.

Offer period is from November 28 to December 8, and would of December 15.

Price of the series 2 shares will $10 per share.

However, it will have a lower coupon rate than the 6.625 per according to BDO Capital and Investments Corp. President Eduardo Francisco.

BDO Capital was appointed the sole issue manager for the offering.

The Securities and Exchange Commission (SEC) approved the company’s planned issuance on November 22.

DMPL has an approved threeyear securities shelf registration of $360 million with the SEC. The company earlier said it would issue the preferred shares in tranches within three years starting March 21, 2017.

On April 7, DMPL issued and denominated shares on the PSE, enabling it to raise $200 million in fresh funds.