San Miguel Corp. said it plans to raise P60 billion through the issuance of commercial notes.
The company said it will use the proceeds to fund the redemption of its Series 1 Preferred shares.
The papers will be listed with the Philippine Dealing and Exchange Corp.Tapped to be lead underwriters are BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp. and SB Capital Investments Corp.
The company also said it has established a $3-billion medium term note and securities program, tapping 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.
“Under the Programme, the Corporation may, from time to time, issue notes or perpetual capital securities in series or tranches, denominated in dollars or any other currency agreed between the corporation and the relevant dealers,” San Miguel said.
“The net proceeds from the issuance of the Instruments will be used by the Corporation to finance its investments and various projects, to refinance existing obligations, and for general corporate purposes,” it added.
San Miguel said the principal amount and timing of drawdown under the program are dependent on several factors, “including but not limited to, market conditions and corporate needs of the corporation.”
It said the issuance under the program will be listed with the Singapore Exchange Securities Trading Ltd.
