Philippines Newsletter - August 2024

Market summary

• Total value of deals in August 2024 reached USD745.3m.
• Most of the deal value came for 2 marquee deals – a c. USD290m debt raise by Globe Telecom from a consortium of lenders, and the c. USD305m acquisition of a Cemex Philippines subsidiary to the Consunji Group.

*Aggregate Deal Values = c. USD745.3m

This month’s top deals

Energy & Utilities

‍MGen unit signs solar deal with Singaporean firm: MGEN Renewable Energy, Inc. (MGreen), a subsidiary of Meralco PowerGen Corp. (MGen), recently signed an investment deal with Singapore-based Vena Energy to jointly develop and operate a solar power project in Bugallon, Pangasinan.‍

SMGP board approves USD300 million securities issue: SAN MIGUEL Global Power Holdings Corp. (SMGP), the power arm of conglomerate San Miguel Corp., said that its board of directors recently approved the offer and issuance of up to USD300 million in senior perpetual capital securities.

Article link:

MGen unit signs solar deal with Singaporean firm

SMGP board approves USD300 million securities issue

Telecommunications & Media

‍Globe secures PHP22 billion in loans from major banks: AYALA-LED Globe Telecom, Inc. said it has secured a total of PHP22 billion in loan agreements from China Banking Corp. (Chinabank), Land Bank of the Philippines (LANDBANK), and Metropolitan Bank & Trust Co. (Metrobank).‍

PT&T partners with Australian firm to advance broadband: PT&T Corp. (PTT) has formed a joint venture with Australian technology company Netlinkz Ltd. to expand satellite broadband services and introduce information technology solutions in the country, the listed telecommunications company said.

Article link:

Globe secures PHP22 billion in loans from major banks

PT&T partners with Australian firm to advance broadband

Real Estate

Vista Land unit issues USD50 million senior guaranteed notes

Vista Land & Lifescapes, Inc. said its subsidiary VLL International, Inc. has issued USD50 million in senior guaranteed notes as part of the company’s fundraising initiatives.

Article link:

Vista Land unit issues USD50 million senior guaranteed notes

Healthcare & Life Science

Ayala Corp. explores minority stake sale in AC Health — sources

Ayala Corp., the Philippines’ oldest conglomerate, is exploring selling a minority stake in Ayala Healthcare Holdings (AC Health) in a potential deal that could value its healthcare arm at up to USD500 million, two people said.

Article link:

Ayala Corp. explores minority stake sale in AC Health — sources

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.5 as of 09/09/2024