San Miguel Corp. is setting the coupon rate of its reissued Series 2 preferred shares at 7.9145 percent, 8.3466 percent and 8.5936 percent for the issuance divided into sub-series 2L, N and O.
The company is initially offering to the public 666.67 million of the shares at P75, grossing f 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 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 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.