E-Malt.com News article: 3121

MANILA: San Miguel Corp, Southeast Asia's largest food and drinks group, said on Wednesday it plans to raise a total of 4 billion pesos ($72 million) in 5-year fixed and floating rate notes. The dominant local maker of beer, soft drinks, liquor, and processed food said in a statement it had entered into facility agreements with The Hongkong and Shanghai Banking Corporation Limited as paying agent and registrar and with a syndicate of lenders. the company did not say what specific project the note issue would fund, but one company official told Reuters proceeds would likely go to general working capital. San Miguel, 15 percent owned by Japan's number-two brewer Kirin Brewery Co (2503.T: Quote, Profile, Research) , recently purchased a 50 percent stake in Australia's biggest juice maker Berri Ltd. It plans to expand its operations in seven countries in the Asia-Pacific region, spending about $100 million in
each country.

Aside from Australia, San Miguel also wants to expand in Thailand, Indonesia, Taiwan, China, Malaysia and Vietnam.

The company ended 2003 with a net debt of about $127 million. Earlier this year, it raised $300 million via a five-year syndicated loan.

In February, Standard & Poor's Ratings Services assigned a BB' foreign currency rating to San Miguel's foreign-denominated debt with a stable outlook. ($1=55.7 pesos)


21 August, 2004