By Faye Almazan August 7, 2021

THE Securities and Exchange Commission cleared Apollo Global Capital Inc.‘s follow-on offering and Phinma Corp.‘s fixed-rate bond offering.

The commission on Thursday said it has rendered effective the registration statement of Apollo Global covering P988 million of shares and Phinma’s up to P3-billion fixed-rate bonds.

Apollo Global looks to list 12.35 billion common shares on the main board of the exchange, priced at 7 to 8 centavos apiece, and expects to net up to P957.34 million.

Funds raised will be used for the acquisition of a 49-percent stake in Poet Blue Ocean, which owns the MB Siphon I vessel that will be used for the offshore mining activities of JDVC Resources Corp.

Part of the proceeds will also be for the purchase of environmental and ecological mitigating measures, equipment and insurance, and general corporate purposes.

Apollo Global plans to conduct the follow-on offering from August 19 to 25 while listing is eyed on September 1.

Investment & Capital Corp. of the Philippines will act as the issue manager and underwriter for the transaction.

Meanwhile, Phinma looks to offer up to P2 billion of three-year fixed rate bonds due 2024 with an oversubscription option of up to P1 billion.

It aims to raise as much as P2.95 billion from the offer, which will refinance its short-term debt obligations, be used in investing in strategic business units and for general corporate purposes.

The bonds will be offered at face value and will be listed and traded on the Philippine Dealing and Exchange Corp.

China Bank Capital Corp. and SB Capital Investment Corp. will serve as the joint issue managers, joint lead underwriters and joint bookrunners for the offer.

source: https://www.manilatimes.net/2021/08/07/business/corporate-news/sec-approves-apollo-global-phinma-offerings/1810029