The conglomerate on Monday set the initial dividend rates for its Series 2V, 2W and 2X preferred shares, completing a key step before subscriptions open this week.
The preferred shares will carry initial annual dividend rates of 8.0401 percent for Series 2V, 8.3570 percent for Series 2W and 8.6483 percent for Series 2X.
San Miguel is seeking to raise as much as P29.77 billion through a follow-on offering of up to 400 million preferred shares priced at P75 each.
The offer period will run from July 15 to July 23, with the shares scheduled to list on the Philippine Stock Exchange on July 31.
Most of the proceeds will be used to refinance existing debt, including redeeming earlier preferred shares and repaying bonds due in 2027, while any remaining funds will be invested in airport and other infrastructure projects within two years.
The transaction is being led by Bank of Commerce, BDO Capital & Investment Corp. and China Bank Capital Corp. as joint issue managers, with BPI Capital Corp., Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and Security Bank Capital Investment Corp. serving as lead underwriters and bookrunners.
—Edited by Miguel R. Camus
