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SMC lists P10-B bonds

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SAN MIGUEL Corp. (SMC) has successfully listed on Friday its P10-billion fixed rate bonds at the Philippine Dealing & Exchange Corp. (PDEx).

The diversified conglomerate held a listing ceremony at the PDEx office in Makati City to officially kick off the fundraising activity. It is the last tranche of the company’s P60-billion shelf registration.

SMC earlier said the proceeds from the bond issuance will be used to either fund the redemption of its outstanding preferred shares or for the refinancing or re-denomination of an existing loan obligation.

The issuance on Friday is for five-year Series H bonds which are due in 2024 and have a fixed rate of 5.55%. It will be issued in minimum denominations of P50,000 each and in integral multiples of P10,000, which will trade on the secondary market in P10,000 denominations. — Denise A. Valdez

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