San Miguel accepts $259.2 million of tendered 2% exchangeable bonds

By Marisa Wong

Madison, Wis., Feb. 1 - San Miguel Corp. said it accepted for repurchase $259.2 million of its 2% exchangeable bonds due 2014 tendered in the cash offer that launched and closed on Jan. 29.

The company announced a cash tender offer for any and all of its $600 million of 2% exchangeable bonds on Jan. 22.

The tendered bonds will be repurchased on Feb. 7 at 107.75, for a total purchase price of $280.61 million, which includes accrued interest to the repurchase date.

Following the transaction, $332 million of the bonds will remain outstanding.

The company previously announced that it is also soliciting consents to amend the terms and conditions of the trust deed to give it the option to redeem any remaining bonds if less than 25% of the original amount is outstanding.

San Miguel said it will hold a bondholder meeting on Feb. 20 at which it will seek approval from holders of over 75% of the bonds.

The company is offering a 1% consent fee.

The dealer managers for the tender offer were Deutsche Bank, Hong Kong Branch (attn.: Jeremy Lau/Andrew Waddell; sanmiguel_lm@db.com; +852 2203 6151/+852 2203 6930) and Standard Chartered Bank (Hong Kong) Ltd. (attn.: Equity Linked Solutions; els@sc.com; +852 3983 8653/8623).

The beer producer is based in Mandaluyong City, Philippines.

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