Convertibles Calendar

International Calendar

SAN MIGUEL CORP.: (Philippines: SMC): $850 million in concurrent offerings of common stock and exchangeable bonds; pricing seen April 20; talked 2%-2.5% yield, 20%-25% initial conversion premium; Regulation S; split between the two offerings not yet specified; quarterly resets after six months, and subject to an 80% floor of the initial exchange price; non-callable for 1.5 years, then provisionally callable subject to a 130% trigger; full dividend protection; proceeds for infrastructure, working capital and other general corporate purposes; via Goldman Sachs (Singapore) Pte., UBS AG, Credit Suisse (Singapore) Pte. Ltd. and Standard Chartered Securities (Singapore) Pte. as joint bookrunners; Philippines-based food and beverage company.

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