The conglomerate will issue 266.7 million Series 2 preferred shares, with an oversubscription option of 133.3 million shares, priced at P75 each.
The offer is composed of three tranches—Series 2-S at 6.97 percent, Series 2-T at 7.26 percent, and Series 2-U at 7.54 percent—all to be listed on the Philippine Stock Exchange.
Oct. 24 listing
The sale period runs from Oct. 13 to 17, with trading expected to begin on Oct. 24.
Bank of Commerce, BDO Capital, and PNB Capital serve as joint issue managers, while BPI Capital, China Bank Capital, Land Bank of the Philippines, Philippine Commercial Capital, RCBC Capital, and Security Bank Capital act as joint lead underwriters and bookrunners.
Trading participants of the Philippine Stock Exchange will serve as selling agents.
Use of proceeds
San Miguel said proceeds from the offer will be used to refinance short-term loans tied to the redemption of its Series 2-F, 2-J, and 2-K preferred shares.
The remaining funds will support infrastructure projects, including the Manila International Airport and tollway developments in Bulacan and across Luzon.
—Edited by Miguel R. Camus
