Paul Hastings, a leading global law firm, announced today that the firm advised Bank of Philippine Islands (“BPI”), a member of the Ayala Group and the third-largest lender by assets in the Philippines, on its US$555 million (P25 billion) stock rights offer. Goldman Sachs and J.P. Morgan acted as joint international bookrunners and underwriters, and Bank of Philippine Islands Capital Corporation acted as the sole global coordinator and lead manager, sole domestic manager and domestic bookrunner and underwriter.
The offering, which marks the largest capital markets transaction in BPI’s history, consisted of 370,370,370 common shares offered at the offer price of 67.50 Philippine pesos per rights share. Proceeds from the rights offer will be used to support the strategic growth initiatives of the bank.
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