Cleary Gottlieb acted as transaction counsel in a PHP50 billion rights offering by the Bank of the Philippine Islands.
The rights offering was launched on April 6, 2018, and closed on May 4, 2018. The shares were offered to eligible shareholders of the Bank in a rights offering (i) outside the United States pursuant to Regulation S and (ii) inside the United States pursuant to Section 4(a)(2). Any unsubscribed shares remaining after the rights offering were firmly underwritten by BPI Capital, who acted as domestic underwriter, and Deutsche Bank, Goldman Sachs, and J.P. Morgan, who acted as international underwriters. The rights offering was fully subscribed without triggering the underwriting commitment of the underwriters.
With nearly 170 years of operations, the Bank of the Philippine Islands has a deep rooted history and is one of the Philippines’ most trusted and widely-recognized brands in the financial services industry. The bank is the third largest universal bank in the country in terms of total assets and loans. Its significant shareholders include Ayala Corporation, one of the Philippines’ oldest and largest conglomerates, the Roman Catholic Archbishop of Manila, and the Government of Singapore Investment Corp.