BDO sets final terms for P60-B stock rights offer means BUSINESS

MANILA, Philippines -- BDO Unibank Inc. said it has fixed the final terms for its P60-billion stock rights offering of up to 716.4 million common shares (the “Rights Shares”) to stockholders as of record date 10 January 2017.

In a statement released Wednesday, BDO said “each eligible stockholder is entitled to subscribe to one common share for every 5.095 common shares held as of record date at an offer price of P 83.75 per Rights Share.”

The offer price is based on the 15-day volume-weighted average price of BDO common shares listed at the PSE at a discount of 23.4 percent, it said.

“The stock rights offer will commence at 9:00 a.m. on 16 January 2017 and end at 12:00 p.m. on 24 January 2017,” it added.

BDO said the fresh capital will support its “medium-term growth objectives amid the country’s favorable macroeconomic prospects and provide a comfortable buffer over higher capital requirements with the forthcoming imposition of the Domestic Systemically Important Bank surcharge.”

“BDO has appointed Credit Suisse, UBS and BDO Capital as Joint Global Coordinators and Bookrunners, with Citigroup, Goldman Sachs and HSBC as Joint Bookrunners. BDO Capital will serve as Issue Manager and Domestic Underwriter,” the bank said.