The Securities and Exchange Commission said Tuesday it approved the P50-billion bond shelf-registration program of diversified conglomerate San Miguel Corp.
It said in a statement San Miguel may issue the debt securities in one or more tranches within three years. For the first tranche, San Miguel will offer up to P20 billion worth of six-year fixed-rate bonds due 2027, with an oversubscription option for another P10 billion.
Assuming the oversubscription option is fully exercised, San Miguel will use the net proceeds to redenominate dollar-denominated obligations.
The conglomerate reported early this month plans to fully redeem outstanding notes under its $800 million with 4.875 percent rate note program due 2023.
The notes will be redeemed at 100 percent of redemption price, together with interest accrued until redemption. Upon redemption and cancelation, the notes will be delisted from the Singapore Exchange Securities Trading Ltd.