Conglomerate San Miguel Corp. said Monday it agreed to buy back $283.624 million of 4.875 percent US dollar bonds due 2023.
San Miguel said in disclosure to the stock exchange a total of $283.624 million in principal amount was validly tendered and accepted by the company for purchase at end of the offer period on April 1.
San Miguel initially planned to redeem $400 million, or half of the $800 million notes due 2023, via tender offer.
The settlement date for the tender offer is expected to be no later than April 10.
After completion of the tender offer, some $516.376 million in aggregate principal amount of the notes will remain outstanding.
San Miguel earlier tapped Australia and New Zealand Banking Group Ltd. to act as the sole dealer manager for the tender offer
San Miguel issued $800 million bonds in 2013, becoming the largest issuance of dollar-denominated bonds by a Philippine company.
San Miguel said it would re-issue 279 million series 1 preferred shares through private placement at P75 per share to raise as much as P20.1 billion in proceeds.
The preferred shares to be issued to Ginoog Holdings Corp., Lucena Holdings Corp. and Metroplex Holdings Corp. carry a dividend rate of 5.635 per annum.
San Miguel is a food, beverage and packaging company established in 1890 initially as a single-product brewery.
The conglomerate has transformed itself into a diversified conglomerate with market-leading businesses and investments in the fuel and oil, energy, infrastructure, telecommunications, mining and banking.