By Paolo Montecillo
MANILA, Philippines—Diversifying conglomerate San Miguel Corp. (SMC) is raising $600 million through a bond sale this week, a transaction that will help bankroll the company’s infrastructure ventures.
The company on Tuesday released its final offering circular that showed that its dollar-denominated bonds, maturing in 2014, would pay an interest rate of 2 percent a year. The bonds will also be convertible to common shares coming from its treasury stock.
“The bonds will be direct, unconditional, unsubordinated and unsecured obligations of SMC,” the company said.
The bond sale will follow the company’s recently concluded share sale wherein the company raised $300 million.
In the last few years, SMC aggressively diversified outside of its traditional food and beverage interests and has built up a total capacity of 3,145 megawatts through SMC Global Power. It is now the biggest power producer in Luzon in terms of installed capacity.
Read here.
MANILA, Philippines—Diversifying conglomerate San Miguel Corp. (SMC) is raising $600 million through a bond sale this week, a transaction that will help bankroll the company’s infrastructure ventures.
The company on Tuesday released its final offering circular that showed that its dollar-denominated bonds, maturing in 2014, would pay an interest rate of 2 percent a year. The bonds will also be convertible to common shares coming from its treasury stock.
“The bonds will be direct, unconditional, unsubordinated and unsecured obligations of SMC,” the company said.
The bond sale will follow the company’s recently concluded share sale wherein the company raised $300 million.
In the last few years, SMC aggressively diversified outside of its traditional food and beverage interests and has built up a total capacity of 3,145 megawatts through SMC Global Power. It is now the biggest power producer in Luzon in terms of installed capacity.
Read here.
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