Philippines' San Miguel issues shares in block sale for exchangeables

By Jennifer Chiou

New York, Dec. 12 - San Miguel Corp. announced that it issued 612,361 of its common shares in a special block sale on Dec. 8 in connection with its $600 million of 2% exchangeable bonds.

The Mandaluyong City, Philippines-based producer of beer priced the three-year exchangeables on April 20, 2011 with an initial conversion premium of 25%.

San Miguel said in a filing with the Philippine Stock Exchange that it priced the shares at PHP 113.24 apiece. Its shares (Pink Sheets: SMGBF) closed at $2.80 each, or roughly PHP 122.08, on Dec. 5.

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