SMC cleared to issue P10-billion bonds
Iris Gonzales (The Philippine Star) - September 21, 2019 - 12:00am

MANILA, Philippines — San Miguel Corp. has received the green light from the Securities and Exchange Commission (SEC) to sell P10 billion in bonds.

In a disclosure yesterday, SMC said it has been issued a permit to sell five year bonds due  2024, which form part of the company’s shelf registration of P60 billion.

The net proceeds of the offer may be used either to fund the redemption of the outstanding Series 2B preferred shares or for refinancing or re-denomination of existing loan obligations.

The bonds have an interest rate of 5.55 percent.

SMC intends to initially fund the redemption through a bridge loan to be availed of from BDO Unibank.

According to the prospectus submitted, the offer is targeted to run from Sept. 23 to 27 with the issue date slated on Oct. 4, 2019.

SMC tapped local banks BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp. and RCBC Capital Corp.

The country’s most diversified conglomerate, SMC has investments in beer, food, power, packaging, infrastructure, cement, oil refining and bank among others.

  • Latest
  • Trending
Are you sure you want to log out?
Login is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

or sign in with