Del Monte gears for second tranche of share sale, to offer 16M shares
Listed Del Monte Pacific Limited (DMPL) is now gearing for the second tranche of its share sale in the Philippine Stock Exchange (PSE), proceeds of which will be used by the company to pay an existing loan.
Earlier this year, DMPL has been given the green light by the Securities and Exchange Commission (SEC) to proceed with the shelf-registration and sale of up to 36 million perpetual, cumulative, non-voting, non-participating, non-convertible and redeemable preference shares in the PSE.
It was in April when the company successfully conducted the first tranche of the offering consisting of 20 million Series A Preference Shares, which were listed and traded on the Main Board of the PSE.
Today, the Board of Directors of DMPL announced that the company is now ready to conduct the second tranche of the offering, which involves the sale and offer of up to 16 million Series A Preference Shares.
“The expected proceeds from the offering will be primarily used for the payment of the US$154 million balance of the bridge loan facility extended by BDO Unibank, Inc. to the Company, which partially financed the aquisition of the Del Monte Foods, Inc. Consumer Food Business,” DMPL told the PSE in a disclosure.
BDO Capital and Investment Corporation has been appointed as the sole issue manager for the offering.