SAN MIGUEL Brewery, Inc. (SMB) is seeking the consent of its bond holders to make changes in trust agreements covering some of its bonds.
In a statement issued Tuesday, SMB said it is gathering consent solicitation from holders of its outstanding Series C bonds due 2019, Series E bonds due 2019, and Series F bonds due 2022.
Specifically, the company looks to “align the terms of Section 9.1(l) (Change of Control) of the trust agreements of all outstanding bonds of SMB to ensure that the trust agreements remain consistent with their original intended purpose that SMB continues to be under the effective control of its parent company, San Miguel Corporation (SMC), while SMC implements its corporate reorganization.”
SMC is in the process of consolidating its food and beverage businesses under a single entity, San Miguel Pure Foods Company Inc.
The consent solicitation starts on Nov. 22 until Dec. 14.
SMB engaged ING Bank N.V., Manila Branch and Standard Chartered Bank as advisors and consent solicitation agents.
BPI Asset Management and Trust Corporation and Rizal Commercial Banking Corporation — Trust and Investments Group serve as the trustees to the Series C and the Series EF Bonds, respectively. — Arra B. Francia
