MANILA -- A global private equity firm and hedge fund will be subscribing to P2.5-billion worth of new Philippine Deposit Receipts that will be issued by media conglomerate ABS-CBN Corp.
In a disclosure, ABS-CBN named the firm as Capital International Private Equity Fund VI, L.P. and affiliate funds.
In turn, ABS-CBN Holdings will subscribe to the same number of newly-issued common shares of ABS-CBN, and Lopez Inc. will also buy P1.5 billion worth of new common shares of the media outfit.
ING Bank NV was tapped as the financial adviser for the transaction, the disclosure read.
Last month, ABS-CBN said it is reviewing various fundraising options with proceeds to be utilized for the firm's digital television migration efforts and other initiatives.