Conglomerate San Miguel Corp. said it plans to settle a $300-million loan with the Bank of Tokyo-Mitsubishi UFJ Ltd. using proceeds from the planned P15-billion bond offering.
San Miguel said in a filing with the Securities and Exchange Commission it would issue P10-billion five-year bonds with a P5-billion oversubscription option to partially pay its $300-million debt which would mature in November this year.
This is the second issuance under the company’s three-year bond shelf-registration of up to P60 billion.
San Miguel tapped BDO Capital & Investment Corp., BPI Capital Corp., ING Bank, RCBC Capital Corp., SB Capital Investment Corp. and Standard Chartered Bank as joint lead underwriters and book runners for the offering.
The conglomerate issued and listed P20 billion in fixed-rate retail bonds on March 1 to pay its dollar-denominated debt. San Miguel has been converting its dollar-denominated debt into peso because of the continued depreciation of the peso against the dollar.
