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The Securities and Exchange Commission (SEC) has considered favorably the public offerings of San Miguel Corporation and Vista Land & Lifescapes, Inc. of for as much as P65 billion and P35 billion, respectively.
In its October 17 meeting, the Commission En Banc resolved to render effective the registration statements of San Miguel covering 866,666,700 Series 2 preferred shares, and of Vista Land covering fixed-rate bonds to be offered in tranches within a three-year period, subject to the companies’ compliance with certain remaining requirements.
San Miguel and Vista Land completed their registration processes within 33 and 32 days, respectively, in line with the SEC’s commitment to a speedy and efficient registration process.
San Miguel Preferred Shares
For the initial tranche, San Miguel will offer 400,000,000 preferred shares at P75 apiece for a total of P30 billion, with an oversubscription option comprising up to 266,666,700 preferred shares worth more than P20 billion.
San Miguel expects to net as much as P49.62 billion from the initial tranche, assuming the oversubscription option is fully exercised. The company intends to use a portion of the net proceeds to repay Philippine peso-dominated shortterm loan facilities and previously issued bonds, and to invest in airport and airport-related projects.
San Miguel engaged Bank of Commerce, BDO Capital & Investment Corporation, and China Bank Capital Corporation as joint issue managers for the offer, as well as a joint lead underwriter and bookrunner alongside Asia United Bank Corporation, BPI Capital Corporation, Land Bank of the Philippines, Philippine Commercial Capital, Inc., PNB Capital and Investment Corporation, RCBC Capital Corporation, SB Capital Investment Corporation, and Union Bank of the Philippines.
The preferred shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE).
Vista Land Fixed-Rate Bonds
Meanwhile, Vista Land will initially offer P6 billion worth of fixed-rate bonds, with an oversubscription of up to P4 billion, consisting of Series F bonds due 2026 and Series G bonds due 2028. This is part of its shelf registration of a debt securities program in the aggregate principal amount of P35 billion.
The company estimated the net proceeds at more than P9.83 billion, assuming the oversubscription option is fully exercised. It intends to primarily use the net proceeds to refinance maturing obligations and for general corporate purposes.
Vista Land engaged China Bank Capital Corporation, SB Capital Investment Corporation, and Union Bank of the Philippines as joint lead underwriters and bookrunners for the offer with China Banking Corporation Trust and Asset Management Group being identified as the trustees.
The fixed-rate bonds will be listed and traded at the Philippine Dealing and Exchange.
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Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
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