Milbank LLP successfully advised Globe Telecom, Inc. (“Globe”) on its PhP17 billion (approximately US$292 million) stock rights offering. The transaction represents Globe’s first international equity offer in two decades. The transaction successfully priced amidst challenging market conditions, with the common shares subject of the stock rights offer selling at the price of PhP1,680 per share. Globe is a major provider of telecommunications services in the Philippines, and is part of the Ayala Group of companies, one of the oldest and largest conglomerates in the Philippines. Globe operates the largest mobile network in the Philippines and one of the country’s largest fixed-line and broadband networks. The company offers mobile, wireless and fixed-line services through a network of retailers, distributors, suppliers and business partners. Globe also offers broadband services and payment solutions to its customers. The Milbank team was led by Global Capital Markets partner Paul Pery, associate Ari Singzon and legal manager Flora Wang.