ACEN follow-on offer priced at P6.50 per share

AC Energy has priced its follow-on offering at P6.50 per share, allowing the company to raise P13.1 billion.

The FOO was priced at the lower end of the range initially indicated.

The offering involves 2.01 billion shares, comprising 1.58 billion for the primary offer, 330.24 billion for the second sale and 100 million for the overallotment option.

Net proceeds from the primary offer will be used to partially fund the development of power projects, inorganic growth opportunities, repayment of loans and reduction of payables, as well as other general corporate requirements.

The offer period will run from May 3 to 7.

BPI Capital Corp. is the sole global coordinator, underwriter, and joint bookrunner for the offer while CLSA and UBS will serve as international joint bookrunners, as well as joint bookrunners alongside BPI Capital.

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