More Asian Companies Are Using IPO Proceeds to Pare Debt
Budweiser Brewing Co. is using the $5 billion proceeds of its Hong Kong IPO to repay debt, according to a listing prospectus.
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Metro Pacific Investments Corp. plans to use most of its proceeds from the biggest-ever Philippine initial public offering to repay debt. The company could receive as much as $1 billion from the listing of its unit Metro Pacific Hospital Holdings Inc.
Metro Pacific’s deleveraging plan came on the heels of the world’s biggest IPOs this year. Budweiser Brewing Co. is using the $5 billion proceeds of its Hong Kong IPO to repay debt, according to a listing prospectus. Blackstone-backed Embassy Office Parks REIT, which raised $689 million through an Indian IPO in March, also used most of the money to cut debt.