SMC launches P30-B bond offering

Conglomerate San Miguel Corp. (SMC) will soon return to the local bond market with a new retail offering of debt securities worth as much as P30 billion.

This will be the first tranche of the P50 billion bond recently approved by the Securities and Exchange Commission (SEC).

The basic offer amounts to P20 billion. With an oversubscription option of up to P10 billion. In fixed-rate bonds, SMC told the Philippine Stock Exchange on Tuesday after receiving permission from the SEC to sell those bonds.

Proceeds from the bond offering will be used to withdraw SMC’s existing dollar-denominated liability.

The bonds will be offered at face value and will be listed and traded on the local fixed rate trading platform, Philippine Dealing & Exchange Corp.

SMC has authorized BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., ING Bank NV, Manila Branch, Philippine Commercial Capital Inc., PNB Capital & Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint management insurers and bookrunners for this transaction.

Meanwhile, the SMC announced on Tuesday that it has teamed up with the “Bantay Dagat” (Sea Guardian) in Calatagan, Batangas, as part of its company-wide initiative to promote healthy seas and ensure sustainable livelihoods for small fishing communities.

SMC has donated patrol boats to the Calatagan Community Task Force, which recruits fishermen in coastal villages to help enforce coastal and fisheries laws, particularly against the use of illegal fishing methods and equipment.

One boat each was also given to Calatagan Municipality and the Philippine Air Force based in Batangas to increase patrols in the area. SMC also made a major donation of 19 motorized boats to local fishing groups to be used primarily for their livelihoods.

Some 57 fishermen will co-own the boats and benefit from the donation. These are mostly moved from the cities of Calatagan and Balayan.

—Doris Dumlao-Abadilla INQ

Read Next

Do not miss the latest news and information.

Subscribe to INQUIRER PLUS to access The Philippine Daily Inquirer and other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 6pm. 4 and share articles on social media. Call 896 6000.

For feedback, complaints or inquiries, contact us.

Leave a Comment

Your email address will not be published. Required fields are marked *