Business

San Miguel Food and Beverage cleared to issue P15B bonds

The Securities and Exchange Commission (SEC) has approved a plan by San Miguel Food and Beverage Inc. (SMFB) to issue P15 billion worth of fixed rate bonds.

The Securities and Exchange Commission (SEC) has approved a plan by San Miguel Food and Beverage Inc. (SMFB) to issue P15 billion worth of fixed rate bonds.

The debr notes comprise Series A bonds which will mature in five years while Series B will be repaid seven years from issue date.

Net proceeds from the offer shall be used to fund the redemption of the outstanding 15 milion Series 2 perpetual preferred shares of SMFB to be redeemed on March 12 at a price of P1,000 per share.

BDO Capital & Investment Corp., BPI Capital Corporation, China Bank Capital Corporation, Philippine Commercial Capital, Inc., PNB Capital and Investment Corporation, RCBC Capital Corporation and SB Capital Investment Corporation are the joint lead underwriters and bookrunners for the offer.

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