San Miguel all set for P40-B bond issue

SAN Miguel Corp. (SMC) announced it received the certificate of registration and the permit to offer securities for sale from the securities and exchange commission for its fixed-rate retail bonds issue.

The bonds will have a base offer in the amount of P40 billion and oversubscription option of up to P20 billion, reaching for a total aggregate principal amount of up to P60 billion.

The oversubscribed bonds will be issued on Dec. 14, 2022, with the following breakdown: 5.25-year series L Bonds due 2028 with a fixed initial interest rate of around 7.45 percent per annum; Series M Bonds which are due 2029 with a fixed initial interest rate of 7.85 percent per annum; and Series N Bonds due 2032 with a fixed initial interest rate of 8.49 percent per annum.

The offer period will commence at 9 a.m. on Nov. 25, 2022 and will end at 5 p.m., Dec. 6, 2022. SMC has appointed BDO Capital and Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp. as the joint issue managers.

Asia United Bank Corp. Bank of Commerce, BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and Security Bank Capital Investment Corp. were chosen joint bookrunners and lead underwriters for the transaction.

The bonds will be listed with the Philippine Dealing and Exchange Corp. after the close of the offer period and compliance with regulatory requirements.