Sidley Austin has advised UBS as sole book runner for Philippine conglomerate GT Capital Holdings Inc. (“GTCAP”) on the largest-ever overnight equity transaction executed out of the Philippines to date. Grand Titan Capital Holdings, Inc (“Grand Titan”), which is GTCAP’s controlling shareholder, was the selling entity. The placement raised approx. Php10.1 billion (approx. US$249 million) for GTCAP and Php4.2 billion (approx. US$104 million) for Grand Titan.
The Sidley team advised the client on U.S. law, led by Hong Kong-based partner Alex Lloyd, assisted by associates Benjamin Carale and Dorothy Dizon. The team focuses on debt and equity capital markets, including high yield debt offerings and initial public offerings.
“We are pleased to have reached such a positive outcome for this substantial offering,” said Lloyd. “The success of this significant transaction, as well as GT Capital’s IPO last April, on which we also acted, is testament to our leading capital markets practice in this region.”
The final placement was more than three times oversubscribed and its completion increased GT Capital’s free float to 40 percent from 30 percent.
Sidley has one of the largest and most active Asia Pacific capital markets teams of any international law firm in the region. Sidley lawyers have been working on transactions involving the Philippines for many years and are familiar with conducting business transactions involving entities in the Philippines. Several of our lawyers were initially qualified and practiced in the Philippines and are fluent in Tagalog, the national language of the Philippines.
