Philippines’ San Miguel starts Dutch auction tender for 4.875% notes

New York, March 19 – San Miguel Corp. announced a tender offer for up to $400 million of its $800 million of 4.875% notes due 2023 with the purchase price to be set using a modified Dutch auction.

The company will accept bids between 93.75% and 96.25% of par, including a premium of 1.25% that will be paid only to holders who tender by the early deadline of 2 p.m. ET on March 26.

The offer expires at 11 a.m. ET on April 1, according to a notice from the company.

San Miguel will also pay accrued interest up to but excluding the settlement date.

In announcing the offer, the issuer said that the offer is part of its policy to “actively manage its balance sheet liabilities and to achieve a lower running cost of debt.”

Australia and New Zealand Banking Group Ltd. (asiabondsyndicate@anz.com) is the dealer manager for the offer, which is not open to bondholders in the United States. Lynchpin Bondholder Management is the information agent (smcinfo@lynchpinbm.com).

San Miguel is a Manila, Philippines food, beverage and packaging company.

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