MANILA, April 19 San Miguel Corp, the
Philippines' most diversified conglomerate, has raised $800
million via a 10-year bond issue, the largest ever
dollar-denominated overseas issue by a private local firm.
Demand was strong following a roadshow in Singapore and Hong
Kong with a final orderbook size of more than $4.5 billion
across 250 accounts, representing an oversubscription rate of
5.6 times, San Miguel said on Friday.
San Miguel priced the paper at 4.875 percent against an
initial guidance of around 5.125 percent.
Asian investors accounted for 69 percent of the orderbook,
followed by Europeans with 28 percent, while U.S. offshore
investors took the remaining 3 percent, San Miguel said in a
The company said it would use the proceeds to repay a bridge
facility arranged by Deutsche Bank and Standard
Chartered Bank. ANZ, Bank of America Merrill Lynch
and DBS Bank Ltd.
Deutsche Bank and Standard Chartered were the bookrunners
for the transaction.
The issue was San Miguel's inaugural drawdown of its newly
established $2 billion medium-term note programme. The company
is also trying to raise $1.3 billion from a five-year bullet
San Miguel has businesses spanning beverages, food and
packaging, power generation, oil refining, mining, airline and
tollroads. Its operations outside the Philippines extend to
China, Vietnam, Indonesia, Malaysia, Thailand and Australia.
On Monday, it emerged as the winning bidder for a 15.5
billion Philippine peso ($376.21 million) Manila airport
expressway after offering to pay the government a 70 percent
premium for the building rights.