Tourism

Cebu Air to kick off share offer in February

Cebu Air plans to start its $250 million convertible preferred share offering on February 26.

The offer period will run until March 4, according to the latest submissions made by the airline to securities regulators.

The new convertible preferred shares which will come from the Gokongwei-led budget carrier’s increase in authorized capital from P1.34 billion to P1.74 billion, will be issued through a stock rights offering to shareholders as of record of February 10.

Cebu Air will offer up to 337.84 million shares at a price of $0.74 to $0.84 per share, generating around $250 million.

Listing of the shares on the stock exchange is tentatively set for March 19

BPI Capital Corp. is the sole global coordinator, bookrunner and underwriter for the issue.

Proceeds from the offering will be used to strengthen Cebu Air’s balance sheet by providing liquidity to address financial liabilities.

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