NextGen Day

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved Bank of Commerce’s initial public offering (IPO) and San Miguel Corporation’s fixed-rate bond offering (SMC).

The Commission en banc decided on February 15 to make effective the registration statements of Bank of Commerce and SMC, which cover 1,403,013,920 common shares and up to PHP60 billion in fixed-rate notes under shelf registration, respectively, subject to certain outstanding requirements.

The Bank of Commerce is a financial institution that specializes in

Bank of Commerce will sell up to 280,602,800 common shares to the public at a price of up to PHP12.50 per share. The shares will be listed on the Philippine Stock Exchange’s Main Board (PSE).

The bank anticipates earning PHP3.34 billion from the deal. The proceeds will be utilized to fund the bank’s lending activities as well as capital expenditure obligations related to the upgrade of its ATM fleet and core banking system.

Any residual funds will be used to meet regulatory liquidity requirements by purchasing investment securities.

Bank of Commerce, a subsidiary of SMC, offers deposit, commercial loans, credit card services, consumer banking, corporate banking, treasury, asset management, transaction banking, and trusts and investments as well as other banking goods and services.

As of September 30, 2021, it had 140 branches and 257 ATMs.

According to the bank’s most recent timetable presented to the SEC, the IPO will run from March 7 to 15, with the PSE listing set for March 23.

The joint issue managers, joint lead underwriters, and joint bookrunners for the transaction were BDO Capital & Investment Corporation, China Bank Capital Corporation, Philippine Commercial Capital, Inc. (PCCI), and PNB Capital Investment Corporation.

SMC

Within three years, SMC may issue the PHP60 billion fixed-rate bonds in one or more tranches.

The listed company will sell up to PHP25 billion in five-year Series J bonds due 2027 to the public in the first tranche, with an overallotment option of up to PHP5 billion in seven-year Series K bonds due 2029.

SMC might profit up to PHP29.63 billion from the offer if the overallotment option is fully exercised.

The proceeds will be used to refinance the company’s short-term loan facilities as well as other general corporate objectives.

According to the latest timeline given to the SEC, the bonds in the first tranche will be issued at face value and listed on the Philippine Dealing and Exchange Corp. on March 1.

BDO Capital and China Bank Capital were chosen as joint issue managers for the sale by SMC. As joint lead underwriters and bookrunners, they will collaborate with BPI Capital Corporation, PCCI, PNB Capital, RCBC Capital Corporation, and SB Capital Investment Corporation.

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