The Securities and Exchange Commission (SEC) has approved San Miguel Corp.’s P60- billion bond sale.
The conglomerate looks to initially offer P40 billion, and another P20 billion covering the oversubscription option in fixed bonds, which will constitute the compan’s Series L bonds due 2028, Series M bonds due 2029, and Series N bonds due 2029.
Proceeds from the bond sale will be used for the optional and final redemption of certain securities of the company, as well as the refinancing of certain dollar-denominated obligations and peso-denominated facilities, the SEC said in a statement.
The bonds will be offered at face value and will be listed on the Philippine Dealing and Exchange Corp.
The SEC also approved Aboitiz Equity Venture Inc.’s P3 billion debt securities program, which it can tap in the next three years.
For the first tranche of the borrowing program, AEV eyes to sell P550 million, which will be issued alongside up to P7.45 billion of fixed-rate bonds comprising the fourth and final tranche of its debt securities program approved in 2019.
The company will likewise offer up to P12 billion of bonds from the 2022 program as part of the oversubscription option.
“Proceeds from the offer is expected to amount to P19.76 billion, assuming the oversubscription option is fully exercised. AEV plans to use the proceeds to partially finance the acquisition of GMR-Megawide Cebu Airport Corp. by its wholly owned subsidiary Aboitiz InfraCapital,” the SEC said.
“A portion of the proceeds will also go to the refinancing of maturing debt,” it added.
