San Miguel Corp. Plans P30 Billion Preferred Share Offering for Airport Project and Debt Refinancing
San Miguel files for P30-B preferred share offering
Inquirer
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San Miguel Corp. (SMC) is aiming to raise up to P30 billion through a preferred share offering to fund its New Manila International Airport project in Bulacan and refinance maturing debts. The offering includes 266.67 million shares priced at P75 each, with a potential oversubscription option.
- 01SMC filed a registration statement with the Securities and Exchange Commission for the preferred share offering.
- 02The offering consists of 266.67 million Series 2 preferred shares priced at P75 each, with an oversubscription option for an additional 133.33 million shares.
- 03Proceeds will support the New Manila International Airport project and refinance existing obligations, including Series J and Series C bonds maturing in March 2027.
- 04The offer period is expected from July 15 to July 23, with shares debuting on the Philippine Stock Exchange on July 31.
- 05Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp. are the joint issue managers for this transaction.
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San Miguel Corp. (SMC) has announced plans to raise up to P30 billion through a preferred share offering aimed at financing its New Manila International Airport project in Bulacan and refinancing existing debts. The company submitted a registration statement to the Securities and Exchange Commission for the sale of 266.67 million Series 2 preferred shares, priced at P75 each, along with an oversubscription option for an additional 133.33 million shares. The funds will be allocated to various financial obligations, including P13.81 billion for redeeming Series J bonds and P6.02 billion for retiring Series C bonds due in March 2027. Should the oversubscription be fully exercised, additional funds will be used to repay short-term bridge loans, including borrowings from BDO Unibank Inc. The preferred shares are expected to be listed on the Philippine Stock Exchange on July 31, following an offer period from July 15 to July 23. The transaction is managed by Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp.
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The funds raised will support significant infrastructure development and improve SMC's financial stability by refinancing debts, potentially affecting investors and stakeholders in the aviation and infrastructure sectors.
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