Manila Bulletin

SMC starts bond sale with first tranche of B

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San Miguel Corp. (SMC) said yes­ter­day it started a bond sale to raise as much as R60 bil­lion through the is­suance of fixe­drate bonds in sev­eral tranches. San Miguel said it ini­tially of­fer R20 bil­lion worth of bonds, in­clud­ing R5 bil­lion that would cover po­ten­tial over­sub­scrip­tion. The bonds will be is­sued on March 1 and will have ma­tu­ri­ties of five, seven and 10 years. The com­pany, which has in­ter­est in food, beer and liquor man­u­fac­tur­ing, power gen­er­a­tion, in­fra­struc­ture and prop­erty devel­op­ment and oil re­fin­ing, said the Se­cu­ri­ties and Ex­change Com­mis­sion ap­proved the shelf reg­is­tra­tion of the bonds on Tues­day. SMC said the in­ter­est rate on the five-year bonds will be 4.8243% a year, 5.2840% for the sev­enyear bonds and 5.7613% for the 10-year bonds. The of­fer will end on Feb. 20, or on a date that will be agreed upon by San Miguel and the joint lead un­der­writ­ers and bookrun­ners. The bonds will be listed on the Philip­pine Deal­ing & Ex­change Corp.

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