MANILA, Philippines – Food-to-infrastructure conglomerate San Miguel Corp. (SMC) has successfully repurchased more than half of the debt notes it issued in 2013.
In a disclosure to the Singapore Stock Exchange, SMC said it has agreed to buy back $283.62 million of its 4.875 percent notes due in 2023 that it intends to retire.
“A total of $283.62 million in principal amount of the notes have been validly tendered and accepted by the company for purchase on the settlement date pursuant to the tender offer,” the conglomerate said.
“The price at which the company is purchasing the notes validly tendered and accepted for purchase is 95 percent,” SMC added.
SMC was earlier planning to buy back from lenders up to $400 million debt notes issued in 2013 and due 2023.
The conglomerate in April 2013 issued $800 million aggregate principal amount notes with a rate of 4.875 percent. The notes are listed on the Singapore Exchange Securities Trading Ltd.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
“The notes purchased pursuant to the tender offer will be cancelled after the completion of the tender offer, following which $516.376 million in aggregate principal amount of the notes will remain outstanding,” SMC said.
SMC operates food, beverage, beer and liquor businesses through units San Miguel Pure Foods Co. Inc., San Miguel Brewery Inc., and Ginebra San Miguel Inc.
The conglomerate is also behind leading oil player Petron, SMC Global Power, San Miguel Yamamura Packaging Corp., and infrastructure projects, namely the Tarlac-Pangasinan-La Union Expressway (TPLEX), the NAIA Expressway, Skyway Stage 3, the Star Tollway upgrade and Boracay Airport project.
