DEL Monte Pacific Ltd. (DMPL) said on Wednesday that it had secured the approval of the Securities and Exchange Commission to issue the second tranche of its dollar-denominated preference shares.
DMPL is set to issue the remaining 16 million preference shares at $10 per share, which would allow the company to raise another $160 million.
“The Board is pleased to announce that the Company has on 21 November 2017 received the Philippine Securities and Exchange Commission’s Permit to Offer Securities for Sale covering the Offering,” it said.
The shares will be denominated as “Series A-2 Preference Shares.”
DMPL has an approved three-year 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.
Last April 7, DMPL issued and listed the first tranche of its dollar-denominated shares on the Philippine Stock Exchange (PSE), enabling it to raise $200 million in fresh funds
The second tranche will have a lower coupon rate than the 6.625 percent offered in the first tranche, according to BDO Capital and Investments Corp. President Eduardo Francisco.
BDO Capital was appointed the sole issue manager for the offering.