Diversified conglomerate San Miguel Corp. expects to raise $500 million from an overseas issuance of senior perpetual bonds.
This will mark SMC’s return to the overseas perpetual bond market after seven years.
SMC said the senior perpetual capital securities have a fixed coupon rate of 5.5% per annum.
The notes will be issued under the company’s $3 billion medium term note and securities program and will be listed on the Singapore Exchange Securities Trading Ltd.
BofA Securities, DBS Bank Ltd. and Standard Chartered Bank are the joint lead managers for the issue.