MANILA, Philippines – San Miguel Corp. (SMC) has received approval from the Securities and Exchange Commission (SEC) to offer to the public P10 billion worth of five-year bonds.
The fixed rate bonds due 2024 – which will comprise SMC’s “series H” bonds – were priced to yield 5.55 percent per annum, SMC disclosed to the Philippine Stock Exchange on Friday.
Following the receipt of permit to sell from the SEC, the conglomerate will start the retail offering of the bonds on Sept. 23 through Sept. 27.
This is the fourth tranche of SMC’s P60-billion shelf registration that was approved by the SEC in 2017.
The net proceeds of the offer may be used either to fund the redemption of the outstanding series 2-B preferred shares of the company or refinance existing loan obligations. /gsg