E-Malt.com News article: The Philippines: San Miguel Brewery’s P3 bln worth bonds trading gets green light from PDEx

The Philippine Dealing and Exchange Corp. (PDEx) has given the green light for trading P3 billion worth of San Miguel Brewery bonds, GMA News reported on September, 28.


“(The PDEx) advised that it has approved the company’s application to list its Fixed Rate Series D bonds in the aggregate principal amount of P3 billion,” the brewer said in a disclosure to the Philippine Stock Exchange.


The bonds will be listed on PDEx starting October 3 and will expire in 2017.


“The Series D bonds form part of the P20-billion fixed rate bonds registered with the Securities and Exchange Commission as disclosed in its SEC Form 17-C dated March 16, 2012 and issued by the company on April 2, 2012,” San Miguel Brewery added.


Last February, the brewer said it would issue P20 billion worth of five- to 10-year bonds.


Bulk of proceeds – P13.6 billion – will be used to redeem fixed rate bonds maturing on April 3 and the balance help prepay a separate $300 million loan.


The brewery is majority-owned by diversified conglomerate San Miguel Corporation.


It has a market capitalization of P530.12 billion and a 0.61 percent public float level. Its shares last traded at P34.4 each.


28 September, 2012