Diversified conglomerate San Miguel Corp. established a $3-billion term note program and a P60-billion shelf registration of commercial papers to fund big-ticket infrastructure projects and refinance maturing debts.
San Miguel said in a disclosure to the stock exchange its board of directors approved the establishment of a medium term note program amounting to $3 billion and the issuance of $500-million in perpetual securities out of the program.
The program and the initial issuance of the perpetual securities will be registered with the Singapore Stock Exchange.
“The program will be available for a medium term and will allow the company to tap the financial market for funding through issuance of securities, including but not limited to corporate notes, bonds and perpetual securities and other similar instruments at different currencies whether considered debt or equity or for accounting purpose,” San Miguel said.
“The establishment of the program will give the company ready access to funding and will give the company the flexibility to fund its contemplated investments and projects such as MRT7 construction, the Bulacan airport as well as the refinancing of existing obligations and for other general corporate purposes,” it said.
