SMC all set to issue P60B bonds to refinance debt

The Securities and Exchange Commission has cleared San Miguel Corp.’s plan to promote as much as P60 billion in fixed-rate bonds in a number of tranches.

For the primary tranche, SMC will provide to the general public as much as P25 billion of five-year Series J bonds due 2027, with an overallotment possibility of as much as P5 billion of seven-year Series Okay bonds due 2029.

Assuming the overallotment possibility is totally exercised, SMC might web as much as P29.6 billion from the provide, which the conglomerate would use to refinance short-term mortgage services and for different common company functions.

The bonds comprising the primary tranche shall be supplied at face worth and shall be listed on the Philippine Dealing and Exchange Corp. on March 1.

BDO Capital and China Bank Capital are the joint concern managers for the providing whereas BPI Capital Corp., PCCI, PNB Capital, RCBC Capital Corp. and SB Capital Investment Corp. are the joint lead underwriters and bookrunners.