SEPARATELY, the board of directors of listed conglomerate San Miguel Corp. (SMC) authorized a plan to issue bonds worth P80 billion in a board meeting on Thursday.
The bonds will be composed of P60-billion fixed-rate peso-denominated bonds with an oversubscription option of P20 billion.
According to SMC’s disclosure to the Philippine Stock Exchange, its board of directors also authorized the company’s filing of its registration statement and prospectus with the SEC.
It also authorized the filing of the listing application of the peso bonds with the Philippine Dealing Exchange Corp.
“The board has authorized the engagement of the services underwriters, advisors, legal counsels, stock and transfer agent, receiving agent or bank, and other agents as may be necessary,” the company said in a disclosure.
Shares in SMC shaved off 35 centavos or 0.36% to P97.65 each.
CEBU LANDMASTERS FINALIZES SIZE OF ISSUANCE
Cebu Landmasters, Inc. (CLI) downsized the initial tranche of its shelf offering to P5 billion from P8 billion, the firm disclosed on Thursday.
As earlier approved by the board of directors of the company, the program was supposed to cover a principal amount of up to P5 billion and an oversubscription option of up to P3 billion.
CLI said that the issue size of its maiden fixed rate bond offering will have an aggregate principal amount of P5 billion across three tenors.
“In a strong show of confidence in CLI, the company’s maiden retail bonds received strong demand from both institutional and retail investors, even as CLI price at the lowest end of the initial spread range,” the company said in a stock exchange disclosure.
The interest rate for the 3.5-year series A is at 6.4222%, 5.5-year series B at 6.9884%, and 7-year series C at 7.3649%.
CLI said that the public offer period will run from Sept. 26 to 30 on the condition of receipt of the permit to sell from the Securities and Exchange Commission.
On Thursday, shares in CLI lost 6 centavos or 2.49% to P2.35 apiece. — Justine Irish D. Tabile
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
