BDO Unibank Inc : BDO Unibank Raises PHP43.5 Billion From Stock Rights Offer; To Boost Tier 1 Capital
07/01/2012| 10:28pm US/Eastern
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By Rhea Sandique-Carlos
MANILA--BDO Unibank Inc. (BDO.PH), the Philippines' largest lender by assets, said Monday it raised a total PHP43.5 billion ($1 billion) from its stock rights offering.
Proceeds will strengthened the lender's common equity Tier 1 capital, providing a comfortable buffer to the more stringent Basel III capital requirements, which take effect on Jan. 1, 2014, it said.
The shares will be listed on the local bourse July 4, the bank said in a statement, adding that the offer was oversubscribed, with shareholders applying for shares beyond their entitlement.
The stock rights offer, which ended on June 27, involved 895.2 million shares priced at PHP48.60 each. The shares were priced June 5 based on the volume-weighted average price of common shares over 10-15 trading sessions, subject to a discount of 25%. At 0158 GMT, BDO shares were flat at PHP63.30.
Following the completion of the offer, the bank will have a total 3.58 billion issued and outstanding shares.
Citigroup, Deutsche Bank and JP Morgan are joint lead managers and underwriters. United Overseas Bank is international co-lead manager and co-lead underwriter. BDO Unibank's investment banking unit, BDO Capital & Investment Corp., is issue manager and domestic underwriter.
Write to Rhea Sandique-Carlos at rhea.sandique-carlos@dowjones.com
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