Diversified conglomerate San Miguel Corp. on Tuesday disclosed a plan to raise P60 billion from the sale of retail bonds.
San Miguel said in a disclosure to the stock exchange it filed with the Securities and Exchange Commission a registration statement for the shelf-registration of P60-billion worth of retail bonds.
The company will issue the bonds within a three-year period from the SEC approval. For the first tranche, San Miguel will issue P25 billion worth of bonds, with an oversubscription option for another P5 billion.
The net proceeds from the bond offering will be used refinance P29.2 billion worth of short-term loan facilities with BDO Unibank Inc., The Hongkong and Shanghai Banking Corp. Ltd., LandBank of the Philippines and Metropolitan Bank & Trust Co.
The first tranche will be issued in two series and tenors of five and seven years.