By Rebecca Melvin
New York, April 20 - San Miguel Corp. priced $600 million of three-year exchangeable bonds at the rich end of talk to yield 2% with an initial conversion premium of 25%, according to a news release Wednesday.
Concurrently, San Miguel priced $300 million of common shares at PHP 110 per share, for a total capital raise of $900 million, which was $50 million more than the $850 million originally talked.
Bookbuilding was conducted in Southeast Asia and the United Kingdom via joint bookrunners Goldman Sachs (Singapore) Pte., UBS AG, Credit Suisse (Singapore) Pte. Ltd. and Standard Chartered Securities (Singapore) Pte.
The Regulation S exchangeables were talked at a 2% to 2.5% coupon and a 20% to 25% premium.
The bonds are non-callable for 1.5 years and then are provisionally callable subject to a 130% share price trigger. They have full dividend protection.
Proceeds will be used for the company's infrastructure, working capital and other general corporate purposes.
The bonds will be listed on the Singapore Stock Exchange.
San Miguel is a food and beverage company based in the Philippines.
| Issuer: | San Miguel Corp.
|
| Issue: | Exchangeable bonds
|
| Amount: | $600 million
|
| Maturity: | Three years
|
| Concurrent issue: | $300 million of common stock at PHP 110 per share
|
| Bookrunners: | Goldman Sachs (Singapore) Pte., UBS AG, Credit Suisse (Singapore) Pte. Ltd., Standard Chartered Securities (Singapore) Pte.
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 2%
|
| Initial conversion premoum: | 25%
|
| Calls: | Non-callable for 1.5 years, then provisionally callable subject to a 130% price trigger
|
| Dividend protection: | Yes
|
| Pricing date: | April 20
|
| Price talk: | 2%-2.5%, up 20%-25%
|
| Distribution: | Regulation S
|
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