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Philippines’ San Miguel launches consent bid for eight note series
By Sarah Lizee
Olympia, Wash., Nov. 12 – San Miguel Corp. launched a consent solicitation relating to its 4.8243% series A bonds due 2022, 5.284% series B bonds due 2024, 5.7613% series C bonds due 2027, 5.1923% series D bonds due 2022, 6¼% series E bonds due 2023, 6 5/8% series F bonds due 2025, 7 1/8% series G bonds due 2028 and 5¼% fixed-rate notes due 2020, according to a notice.
The company said the objective of the solicitation is to align the covenants and provisions of the debt securities with the relevant covenants and provisions of the recently issued PHP l0 billion retail bond of the company in the Philippines, and the recently contracted $1.75 billion syndicated term loan facility, respectively.
Holders of record as of 4 a.m. ET on Nov. 14 may participate.
The period for the consent solicitation will be from Nov. 22 until 3 a.m. ET on Dec. 20.
As previously reported, on Nov. 5 the company also launched a consent solicitation relating to its $800 million 4 7/8% notes due 2023.
The issuer said then that it wanted to amend the notes to align them with the retail bond and term loan.
The issuer said the amendment would also materially align the covenant package of the San Miguel group of companies with those of local conglomerates and other similarly situated corporates in the Philippines.
Under that consent bid, holders who deliver consents in favor of amendments to the notes by 11 a.m. ET on Nov. 15 will receive a $2.00 consent fee per $1,000 of notes.
The voting deadline is Nov. 26.
A meeting for noteholders will be held on Nov. 28 in Hong Kong.
Settlement is expected for Nov. 29.
Standard Chartered Bank (+44 20 7885 8888 or Liability_Management@sc.com) is the solicitation agent.
The information and tabulation agent is D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230 or SanMiguel@dfkingltd.com).
The notes were originally issued under the company’s $2 billion medium-term note program.
The conglomerate is based in Mandaluyong City, Philippines.
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