The Securities and Exchange Commission (SEC) has approved San Miguel Corp.’s P65-billion preferred shares sale.
The fund raising is a reissuance of the company’s Series 2 preferred shares L, N and O.
The company is initially offering to the public 666.67 million of the shares at P75, grossing for the company P50 billion, divided into an initial 400 million shares and another 266.67 million shares.
The company intends to use a portion of the net proceeds to repay Philippine peso-dominated short-term loan facilities and previously issued bonds, and to invest in airport and airport-related projects.
San Miguel tapped Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp. as joint issue managers for the offer, as well as a joint lead underwriter and bookrunner alongside Asia United Bank Corp., BPI Capital Corp., Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp., SB Capital Investment Corp., and Union Bank of the Philippines.
