MANILA, Philippines–Gaming firm Bloomberry Resorts Corp. has raised P5.6 billion from the sale of shares through a “top-up” equity offering priced at P13 per share.
Funds raised will be used for working capital, potential international expansion and repayment of debt.
As the private place-out of 435 million shares was priced at an 8-percent discount to Monday’s closing price of P14.18 per share, shares of Bloomberry fell by 7.48 percent to close on Tuesday at P13.12 per share. This brings the company’s market capitalization to P150.16 billion.
Bloomberry, which trades on the Philippine Stock Exchange under the ticker BLOOM, is the owner and operator of Pagcor Entertainment City’s pioneering integrated resort Solaire.
Under the “top-up” placement, controlling shareholders under Razon Jr.’s Prime Metroline lent secondary shares for sale to institutional investors for a quicker equity deal. However, the same shareholders will purchase the same amount of shares at the same price afterwards, which means that the funds placed by the new investors will flow into the company.
CLSA Ltd and UBS AG were the joint placement agents for this deal.
“The conduct of an equity fund raising by way of a placing and subscription transaction allows BLOOM to raise equity funds in the most expeditious and efficient manner, with the least cost to BLOOM,” the firm said in a regulatory filing.
“The transaction is also intended to strengthen and broaden the capital base of BLOOM, as well as to promote a wider dispersion of the shares to a broad spectrum of institutional investors,” it added.
Based on its disclosure, Bloomberry’s public float will increase from 28.13 percent to 30.97 percent while foreign ownership level will rise from 22.34 percent to 24.29 percent.
The offered shares were crossed through the PSE on Tuesday.
Bloomberry will secure the approval of the PSE for the listing of the shares issued pursuant to the subscription.
The company’s Phase 1A expansion, which will open to the public, by the end of November will add more non-gaming amenities including a 312-key all-suite five-star hotel and a 1,760-seat Broadway-style theater.
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