San Miguel adjusts exchange price of 2% exchangeables due 2014

By Marisa Wong

Madison, Wis., Aug. 6 - San Miguel Corp. said it reset the exchange price of its 2% exchangeable bonds due May 5, 2014 to PHP 106.77, effective Aug. 5.

As a result of a cash dividend payment on July 15, the exchange price was to be adjusted to PHP 107.75, effective July 15.

Because the reset price as of Aug. 5, the reset date, is lower than the adjusted exchange price due to the dividend, the new exchange price is the reset price.

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%.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.