The Philippines: San Miguel Food and Beverage, Inc. gets approval to raise P15 bln through bonds

The Securities and Exchange Commission has approved the plan of San Miguel Food and Beverage, Inc. (SMFB) to raise ₱15 billion through bonds, CNN Philippines reported on February 19.

The regulator said on February 19 that it has given the green light for the company to issue fixed-rate debt notes, which will mature in five or seven years.

The listed firm revealed its plan to float bonds in November. These papers have been given the highest credit rating by the Philippine Rating Services Corporation, vouching for SMFB's ability to pay its dues.

SMFB, which is the food unit of conglomerate San Miguel Corporation, said the offering would yield around ₱14.8 billion for the company, which it will use to settle maturing loans by March 12.

The bonds can be availed through a minimum ₱50,000 investment plus increments of ₱10,000, and will be listed on the bond trading platform Philippine Dealing & Exchange Corp.

BDO Capital & Investment Corp., BPI Capital Corporation, China Bank Capital Corporation, Philippine Commercial Capital, Inc., PNB Capital and Investment Corporation, RCBC Capital Corporation and SB Capital Investment Corporation have been tapped as joint lead underwriters and bookrunners for the offer, the SEC said.

17 February, 2020