San Miguel said in a disclosure to the stock exchange the offer period will be from June 22 to 28, 2021.
The bonds will be issued and listed on the Philippine Dealing & Exchange Corp. on July 8, 2021.
The Series 1 bonds with a term of six years from issue date will have fixed initial interest rate equivalent to 3.3832 percent per annum with a put option or repricing in the third year and optional redemption in the fourth year or the fifth year.
The P30-billion bond offering represents the first tranche of San Miguel’s P50-billion bond shelf registration program approved by the Securities and Exchange Commission early this month. The bonds were rated PRS Aaa by the Philippine Rating Services Corp.
Net proceeds from the offering will be used to redenominate dollar obligations.
San Miguel tapped BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., ING Bank N.V., Manila Branch, Philippine Commercial Capital Inc., PNB Capital & Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as the joint lead underwriters and bookrunners for the offer.