San Miguel Corp. looks to raise as much as P50 billion through the reissuance of its preferred shares Series 2 L, N and O, targeted for November.
The fund raising is part of a much bigger P65 -billion share sale that is pending approval with the Securities and Exchange Commission under a three-year shelf registration process.
San Miguel said the initial tranche of the share sale will be used to refinance peso-denominated short-term loan facilities, repayment of the Series B bonds and the Series H bonds, and funding of the company’s airport project in Bulacan.
The initial share sale covers 466.67 million Series 2 preferred shares, divided into a firm offer of 400 million shares and 266.67 million shares covering the oversubscription option.
While pending regulatory approval, San Miguel hopes to conduct its shares sale between November 6 and November 13, with listing at the Philippine Stock Exchange eyed on November 20.
San Miguel has tapped Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp., as joint-issue manager.
Asia United Bank Corp., BPI Capital Corp., Philippine Commercial Capital Inc. , SB Capital Investment Corp., PNB Capital and Investment Corp., Union Bank of the Philippines, Land Bank of the Philippines, and RCBC Capital Corp., meanwhile will join BDO Capital and China Bank Capital as joint lead underwriters and bookrunners.
