SMC files for shelf registration of ₧60 billion worth of bonds

CONGLOMERATE San Miguel Corp. (SMC) on Thursday filed for P60 billion worth of bond shelf registration with the Securities and Exchange Commission (SEC).

In its filing, the conglomerate said it intends to initially offer some P20 billion worth of one-year,

fixed-rate commercial papers; some P15 billion will be the primary offer and the rest will be its oversubscription option.

The said debt papers will be listed at the Philippine Dealing and Exchange Corp.

BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp. and SB Capital Investment Corp. were chosen as the deal’s arrangers, underwriters and bookrunners for the series A papers.

The paper will have a maturity of 365 days from the date of issue, and will be issued in minimum denominations of P50,000 and multiples of P10,000 thereafter.

“The entire proceeds of the offer will be used to partially fund the redemption of Series I preferred shares of SMC to be redeemed at a redemption price of P75 per share,” it said. The company plans to launch the commercial papers by late March if it secured approvals from the regulators by middle of next month. VG Cabuag