Diversified conglomerate San Miguel Corp. (SMC) is returning to the debt market with the planned issuance of up to P20 billion in fixed-rate bonds.
SMC said in a disclosure to the stock exchange Thursday its board of directors authorized the offering and issuance of fixed-rate peso-denominated bonds amounting to up P20 billion.
The bonds will be issued as the second and last tranche of its P80-billion bond-shelf registration program approved by the Securities and Exchange Commission (SEC) in 2022.
The company, which has investments in food and beverage, packaging, fuel and oil, energy, infrastructure and real estate, did not provide other details of the offering.
The bonds will be listed in the Philippine Dealing & Exchange Corp. (PDEx).
The board also authorized the engagement of underwriters, advisors, legal counsel and stock and transfer agent to facilitate the transaction.
The last time SMC tapped the bond market was in 2022 when it raised P60 billion from the issuance of five-year Series L Bonds due 2028, seven-year Series M Bonds due 2029 and 10-year Series N Bonds due 2032.
It used the proceeds from the fund-raising activity to refinance dollar-denominated obligations and peso-denominated debts.
SMC has P10 billion bonds maturing in October in 2024. It also has nine other bonds listed in PDEx.
SMC also raised P34 billion from the sale of preferred shares in December 2023. It sold 453.33 million preferred shares at P75 apiece.
SMC has been undertaking big-ticket infrastructure projects including the Bulacan international airport. It also recently bagged the deal to rehabilitate, optimize and maintain the Ninoy Aquino International Airport.
