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SMC raises $500M from overseas perpetual bond sale

/ 10:57 AM July 23, 2020
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Conglomerate San Miguel Corp. has raised $500 million from an issuance of US dollar-denominated perpetual bonds – its first foray in the offshore bond market for the first time in seven years.

The senior perpetual capital notes were priced to yield 5.5 percent per annum, SMC disclosed to the Philippine Stock Exchange on Thursday.

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The securities will be issued under SMC’s $3-billion medium term note (MTN) and securities program. They will be listed on the Singapore Exchange Securities Trading Ltd.

SMC has mandated BofA Securities, DBS Bank Ltd. and Standard Chartered Bank as joint lead managers for the offering. DB Trustees (Hong Kong) Ltd. acts as trustee while Deutsche Bank AG, Hong Kong branch is paying agent.

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TAGS: perpetual bond sale, San Miguel Corp., SMC
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