MS 30th Anniversary XXX
Advertisement

SMC prices P15-b bonds

Conglomerate San Miguel Corp. set at 5.1923 percent per annum the interest rate for the planned 5-year bond offering worth P15 billion.

San Miguel said in a disclosure to the stock exchange the bond offering would be on March 21 to March 27.  The bonds will be listed with the Philippine Dealing & Exchange Corp. on April 7.

San Miguel is issuing P10 billion worth of fixed-rate bonds with an oversubscription option for another P5 billon. The bonds represent the second tranche of bond offering under the company’s P60-billion shelf registration approved by the Securities and Exchange Commission.

Proceeds from the bond offering will be used to settle the conglomerate’s $300-million loan with the Bank of Tokyo-Mitsubishi UFJ Ltd. maturing in November.

San Miguel tapped BDO Capital & Investment Corp., BPI Capital Corp., ING Bank, RCBC Capital Corp., SB Capital Investment Corp. and Standard Chartered Bank.

San Miguel raised P20 billion in February to finance dollar-denominated debt.  It raised P6.9 billion for the 5-year Series A bonds due 2022 with an interest rate of 4.8243 percent per annum, P7.3 billion for the 7-year Series B bonds due 2024 with interest rate of 5.2840 percent interest rate per annum and P6 billion for the 10-year Series C bonds due 2027 with fixed interest rate of 5.7613 percent per annum. 

The latest bond offering was assigned an issue credit rating of PRS Aaa, with a stable outlook by Philippine Rating Services Corp. 

San  Miguel posted a net income of P52 billion in 2016, up 80 percent from P28.9 billion in 2015 as most of its units delivered strong growth.

Topics: San Miguel Corp.
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by The Standard. Comments are views by thestandard.ph readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of thestandard.ph. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with The Standard editorial standards, The Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementKPPI
Advertisement