Conglomerate San Miguel Corp. said Friday it set the interest rates for its proposed P60-billion fixed-rate bond issuance.
SMC said in a disclosure to the stock exchange the five-year Series L Bonds due 2028 were priced at 7.4458 percent per annum; the seven-year Series M Bonds due 2029 at 7.8467 percent and the 10-year Series N Bonds due 2032 at 8.4890 percent.
The base offer is P40 billion, while another P20 billion would be set aside to cover excess demand.
Offer period will be from Nov. 24 to Dec. 6.
The bonds will be listed on the Philippine Dealing & Exchange Corp. on Dec. 14.
SMC said it planned to use the proceeds from the fundraising activity to refinance dollar-denominated obligations and peso-denominated debts.
The conglomerate hired BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., Bank of Commerce, BPI Capital Corp., SB Capital Investment Corp., RCBC Capital Corp., Asia United Bank Corp. and Philippine Commercial Capital Inc. as the joint lead underwriters and bookrunners for the offer.
SMC’s fresh bond offering would be the largest to be listed on Philippine Dealing & Exchange Corp.
SMC also raised P30 billion in March from the issuance of five-year and seven-year fixed-rate bonds, which carry a coupon rate of 5.2704 percent and 5.8434 percent, respectively.