Globe raises $420m from preferred share sale

The offer was more than two times oversubscribed.

Globe Telecom said it raised $420m (P25b) from an issuance of 12.5m peso-denominated perpetual non-voting preferred shares.

The company said the shares were issued in two series at $33.92 (P2,000) per share, with a par value of $0.85 (P50) per share.

Globe said the offer was 2.40 times oversubscribed versus a $250m (P15b) base size, allowing it to fully exercise a $170m (P10b) oversubscription option.

It said net proceeds will be used to redeem all or a portion of its USD perpetual capital securities and to fund capital expenditure for network and digital infrastructure expansion and enhancement.

Globe said the preferred shares were formally listed and commenced trading on the Philippine Stock Exchange, with subscriptions also made available via the GCash app’s GStocks PH platform.

USD$1 = P58.96