Conglomerate San Miguel Corp. has set the dividend rates for the planned P30-billion preferred shares offering.
San Miguel said in a disclosure to the stock exchange the dividend rate for the preferred shares, which would be issued in three subseries, are 6.5793 percent per annum for the subseries 2-G, 6.3222 percent for subseries 2-H, and 6.3355 percent for the subseries 2-I.
The offering period is set from March 14 to 18, while the listing date is scheduled on March 30.
San Miguel is offering 280 million preferred shares plus an oversubscription of 120 million at an offering price of P75 apiece.
San Miguel hired eight banks to handle the transaction. They are BDO Capital and & Investment Corp., China Bank Capital Corp., ING Bank, PNB Capital and Investments Corp., RCBC Capital Corp., SB Capital Investments Corp., Standard Chartered Bank and United Coconut Planters Bank.
San Mniguel plans to use proceeds from the offering to repay a portion of the company’s US dollar-denominated obligations.