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San Miguel to cut exchange price of 2% exchangeable bonds due 2014
By Marisa Wong
Madison, Wis., Jan. 11 - San Miguel Corp. said it will lower the exchange price of its 2% exchangeable bonds due May 5, 2014 to PHP 109.45 per share from PHP 109.80 per share, effective Jan. 30.
The price adjustment is due to a cash dividend payment scheduled for Jan. 30.
The Mandaluyong City, Philippines-based beer producer priced $600 million of the three-year exchangeables on April 20, 2011 with an initial conversion premium of 25%.
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