SMC to raise P20 billion via fixed-rate notes
Richmond Mercurio (The Philippine Star) - May 11, 2018 - 12:00am

MANILA, Philippines — Diversified conglomerate San Miguel Corp. (SMC) is raising P20 billion through the issuance of fixed-rate notes to refinance loan obligations and fund new investments.

SMC told the local bourse yesterday that its board of directors approved the issuance of fixed-rate notes amounting to P20 billion.

The notes will be issued on May 25 in minimum denominations of P50 million each and in integral multiples of P5 million thereafter, the company said.

It will have two tenors —Series A for two years and Series B for two years with a noteholder put option.

“The entire proceeds for the issue will be used either for refinancing of existing loan obligations and/or redenomination of US dollar-denominated obligations of the company or additional investments in subsidiaries of the company,” SMC said.

SMC will enroll the notes at the Philippine Dealing Exchange and are exempt from registration with the Securities and Exchange Commission since they will be sold only to qualified institutional buyers.

SMC, which was once just a beer producer, now has businesses across a wide variety of industries such as food and beverage, liquor, petroleum, power and infrastructure.

FIXED-RATE NOTES SAN MIGUEL CORP.
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