The Securities and Exchange Commission on Thursday approved the P60-billion bond shelf-registration of conglomerate San Miguel Corp.
SEC commissioner Ephyro Luis Amatong said the corporate regulator also approved San Miguel’s initial issuance of up to P15-billion fixed-rate bonds, with an oversubscription of up to P5 billion due 2022, 2024 and 2027.
The remaining unissued bonds will be placed under shelf registration which the conglomerate may issue over a three-year period.
Proceeds from the bond offering will be used to partially refinance loans used to redeem US dollar-denominated loans.
San Miguel hired seven joint underwriters for the offering, including BDO Capital& Investments Corp., BPI Capital Corp., China Bank Capital Corp., ING Bank N.V., RCBC Capital Corp., SB Capital Corp and Standard Chartered Bank. The offer period was tentatively set on Feb. 20 to 24.