The Securities and Exchange Commission (SEC) said Thursday it approved the P65-billion preferred shares offering of San Miguel Corp. (SMC) and the P35-billion bond shelf registration of Vista Land & Lifescapes Inc.
It said in a statement SMC and Vista Land completed their registration processes within 33 and 32 days, respectively, in line with its commitment to a speedy and efficient registration process.
SMC registered 866,666,700 million Series 2 preferred shares under its shelf registration program.
The conglomerate will sell 400 million cumulative, non-voting, non-convertible and redeemable preferred shares with an oversubscription option for another 266.666 million shares priced at P75 apiece for the initial tranche.
It said it would use the proceeds from the capital building activity, totaling P50 billion to repay peso-dominated short-term loan facilities and previously issued bonds and partially fund the P740-billion airport project in Bulacan province.
SMC engaged 11 banks to act as joint underwriters and book runners for the offering. These are Asia United Bank Corp., BPI Capital Corp., Philippine Commercial Capital Inc., SB Capital Corp., Bank of Commerce, China Bank Capital Corp., PNB Capital and Investments Corp., BDO Capital & Investments Corp., Land Bank of the Philippines and RCBC Capital Corp.
SMC plans to conduct the proffered shares offering in November.
Meanwhile, Vista Land also registered P35 billion worth of fixed-rate bonds to be offered in tranches within a three-year period.
The property firm will initially offer P6 billion worth of bonds, with an oversubscription option for another P4 billion, consisting of Series F bonds due 2026 and Series G bonds due 2028.
It said it would use the net proceeds to refinance maturing obligations and for general corporate purposes.
Vista Land tapped China Bank Capital Corp. SB Capital Investment Corp. and Union Bank of the Philippines as joint lead underwriters and bookrunners for the offer.
The fixed-rate bonds will be listed and traded at the Philippine Dealing and Exchange.
