SMC plans to offer local bonds to pay debt

MANILA, Philippines — San Miguel Corp. said Thursday it was planning to raise up to P10 billion through the sale of bonds to pay for its debt.

In a disclosure to the stock exchange, SMC said the offer will have an indicative tenor of five years.

SMC’s plan was first reported by the Philippine Daily Inquirer.

“The offering is part of the P60 billion bond shelf registration previously approved by the Securities and Exchange,” SMC said.

“The proceeds of the bond offering will be used to pay the maturing obligations of the company,” it added. — Ian Nicolas Cigaral