SMBI had said that it plans to sell some P20 billion worth of bonds. The transaction contains an oversubscription option worth P18.8 billion.
The bonds have a term of three, five and seven years.
The bond will buy the beer brands, intellectual property rights and property from parent firm San Miguel Corp.
San Miguel has disclosed that it would sell the beer brands worth P32 billion and land on which the breweries stand at P6.8 billion to SMBI.
SMBI had appointed UBS as its financial adviser and that the transactions are expected to be completed by April.
San Miguel has forayed into heavy industries such as power and energy.
It is the second-largest shareowner of power distributor Manila Electric Co. (Meralco), after it acquired a 27-percent stake held by Government Service Insurance System for P30 billion.
The company is also seeking to buy majority of Petron Corp., the country’s largest oil refiner, for P32.2 billion from a British investment fund.
San Miguel president Ramon Ang has also been elected as chairman of listed Liberty Telecoms following the conglomerate’s announcement of its partnership with a Qatari firm for a telecommunications venture.
The conglomerate is also looking to develop a P40-billion water dam project and may join a consortium to build the Tarlac- La-Union Expressway. GMANews.TV
