The Securities and Exchange Commission said Friday it approved the planned retail bond offerings of conglomerates San Miguel Corp. and Aboitiz Equity Ventures Inc. worth P90 billion.
Documents submitted to and approved by the SEC showed that San Miguel would offer P40 billion of fixed-rate bonds, with an oversubscription option for another P20 billion. The offer will consist of Series L bonds due 2028, Series M bonds due 2029, and Series N bonds due 2029.
San Miguel plans to use the proceeds to refinance dollar-denominated obligations and peso-denominated debt. The bonds will be offered at face value and will be listed on the Philippine Dealing and Exchange Corp.
San Miguel engaged BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., Bank of Commerce, BPI Capital Corp., SB Capital Investment Corp., RCBC Capital Corp., Asia United Bank Corp. and Philippine Commercial Capital Inc. as the joint lead underwriters and bookrunners for the offer.
Meanwhile, the corporate regulator also approved the P30-billion bond shelf registration program of AEV.
AEV will offer an initial tranche of P550 million, together with P7.45 billion of fixed-rate bonds comprising the fourth and final tranche of its debt securities program approved in 2019.
The company will also offer up to P12 billion of bonds from the 2022 program as part of the oversubscription option.
AEV said it would use the proceeds to partially finance the acquisition of GMR-Megawide Cebu Airport Corp. by wholly-owned subsidiary Aboitiz InfraCapital. It will also use a portion to refinance maturing debt.
The Aboitiz Group intends to issue the bonds in the fourth quarter.
AEV tapped BDO Capital, BPI Capital, China Bank Capital, and First Metro Investment Corp. as the joint issue managers, joint lead underwriters and joint bookrunners for the offer.