Globe Telecom has raised P25 billion from an oversubscribed offering of non-voting perpetual preferred shares, strengthening its balance sheet and funding network expansion.
In a disclosure on Monday, the Ayala-led telecommunications company said it issued 12.5 million preferred shares priced at P2,000 each. The offer, which had a base size of P15 billion, was 2.4 times oversubscribed, reflecting strong demand from both institutional and retail investors.
Proceeds from the offering will be used to refinance existing debt, including the redemption of all or part of Globe’s US dollar-denominated perpetual capital securities, and to fund capital expenditures. The company said the funds will support the continued expansion and improvement of its network and digital infrastructure.
Globe President and CEO Carl Raymond Cruz said the strong investor response shows confidence in the company’s strategy and ability to improve network quality and customer experience. He added that Globe remains focused on disciplined investments and long-term value creation.
Chief financial officer Juan Carlo C. Puno said the transaction highlights the company’s solid credit standing and prudent balance sheet management. He noted that the deal strengthens Globe’s capital structure, preserves financial flexibility, and supports its goal of generating sustainable free cash flow.
As part of efforts to broaden investor access, the preferred shares were also made available through the GStocks PH platform on the GCash mobile app.
The joint lead issue managers for the transaction were BPI Capital Corporation, BDO Capital & Investment Corporation, and China Bank Capital Corporation. They were joined by First Metro Investment Corporation and Security Bank Capital Investment Corporation as joint underwriters and bookrunners.
