San Miguel Corp. is looking to raise P30 billion through a bond sale.
The company said it has filed the documents with the Securities and Exchange Commission (SEC) for the fund raising, applying for a P60 billion shelf-registered bond.
The P30 billion will be the initial amount to be raised.
The bond sale is divided into an initial P25 billion and another P5 billion covering the oversubscription option.
For the first tranche, San Miguel has tapped BDO Capital & Investment Corp., China Bank Capital Corp., BPI Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners.
San Miguel said it will use the proceeds of the initial tranche to repay the bridge loan used to redeem its series 2-C and 2-E preferred shares last September 21, 2021.
The loan was tapped from four banks – BDO Unibank Inc.: P15 billion; The Hongkong and Shanghai Banking Corp. Ltd.: P700 million; Land Bank of the Philippines: P10 billion; and Metropolitan Bank and Trust Co.: P3.5 billion. – Ruelle Castro
