San Miguel, banks team up for $3-B issue

SAN Miguel Corp. has set up a $3-billion medium-term note and securities program, tapping several foreign banks to fund its investments and projects.

In a disclosure on Thursday, the Ramon Ang-led conglomerate said the program would allow it to issue notes or perpetual capital securities

in tranches denominated in US dollars or other currencies.

The program was established with Australia and New Zealand

Banking Group Ltd., Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank and UBS AG Singapore Branch as initial dealers.

“There will be no public offering of [the] instruments to be issued under the program in the Philippines or in the United States,” San Miguel said.

“The principal amount and timing of drawdown/ s under the program are dependent on several factors, including but not limited to, market conditions and corporate needs of the corporation,” it added.

SAN MIGUEL fiLED AN APPLICATION with the Singapore Exchange Securities Trading Ltd. to sell the securities.

In a separate disclosure, the conglomerate announced that its planned P60-billion commercial papers program received a “PRS Aaa” rating by the Philippine Rating Services Corp. An initial issuance of P15 billion, with an overallotment option of P5 billion, will be listed with the Philippine Dealing and Exchange Corp.

From January to September of 2019, SMC saw its consolidated net income drop by 5 percent to P39.7 billion from P41.9 billion in the same period in 2018 due to

ITS FUEL UNIT’S PROfiT PLUNGE AND THE flAT EARNINGS OF ITS FOOD AND BEVERage beverage segment.

Income from operations and earnings before interest, tax, depreciation and amortization dipped by 9 percent to P88.75 billion and 1 percent to P123 billion, respectively, in the nine-month period.

San Miguel shares went up 20 centavos or 0.15 percent to end at P132.30 apiece on Thursday.