Philippine beer giant San Miguel Brewery Inc. on Monday raised 800 million dollars in the biggest ever corporate bond issue in the Philippines, Dow Jones Newswires reported Monday, quoting a source.
San Miguel priced its three-part peso bond at around 250 basis points over benchmark treasury bonds.
The bond was oversubscribed, allowing SMB to raise 38.8 billion pesos (800 million dollars), Dow Jones quoted a senior bank executive involved in the deal as saying.
The beer brewer will issue three- , five- and 10-year bonds to finance its purchase of beer brands and land from its parent company, San Miguel Corp., the report said.
San Miguel Corp., Southeast Asia’s largest food and beverage group, is building a war chest to bankroll its diversification into heavy industries.
Earlier Monday, Japan’s Kirin Holdings said it had issued a tender notice for the remaining 886.11 million publicly-held shares in San Miguel Brewery, representing about 5.75 percent of outstanding capital stock.
Kirin also confirmed earlier reports it had agreed to buy over 6.6 billion common shares of stock in the brewery, equivalent to approximately 43.29 percent, priced at 58.925 billion pesos.
