Allen & Overy has represented Philippine conglomerate, LT Group, on its 37.7 billion peso ($912 million) IPO in the Philippines.
LT Group’s deal surpasses a previous record for a Philippines equity offering set by Cebu Pacific Air Inc’s $620.8 million IPO in 2010, Thomson Reuters data showed.
LT Group’s offering received commitments worth nearly $500 million from a group of 11 cornerstone investors including global investment firms such as Invesco Ltd, Waddell & Reed Financial Inc and Wellington Management, Thomson Reuters publication IFR reported.
Hong Kong partner and Asia-Pacific capital markets head James Grandolfo led the Allen & Overy team on the transaction. Philippine firm ACCRALAW acted as local counsel to LT Group.
Sidley Austin represented UBS – the sole bookrunner on the share offering – while Picazo Buyco Tan Fider & Santos advised the bank on Philippine law.
Up to 35 percent of the proceeds will be invested in Asia Brewery Inc, Tanduay Distillers Inc and Eton Properties Philippines Inc, while up to 30 percent will be used to boost the group’s banking business, and up to 30 percent to repay loans.
LT Group, controlled by tycoon Lucio Tan, formerly known as Tanduay Holdings Inc, is a holding company with interests in Philippine National Bank, Eton Properties Philippines Inc, Philippine Airlines, and Tan’s unlisted firms Fortune Tobacco Corp and Asia Brewery Inc.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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