metro-pacific-uses-part-of-upsize-option-to-raise-261-million

Metro Pacific uses part of upsize option to raise $261 million

The Philippine infrastructure investment company sells new shares to pay for the acquisition of a stake in Meralco and boosts its free-float to above 20% in the process.

Metro Pacific Investments MPI received good interest from high-quality long-only investors for its fully marketed share sale that closed at the end of last week, allowing the bookrunners to exercise a large portion of the upsize option. This resulted in a final deal size of Ps12.45 billion $261 million, which may be increased to $300 million if the 15% greenshoe is also exercised in full.

The Philippine investment company, which focuses on infrastructure assets, had earlier said that it was seeking to sell $200 million worth of shares with an upsize option of $100 million and an overallotment option of 15% that could take the total fundraising to $345 million. It was raising money...

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