Philippines' San Miguel sets coupons, tenors for PHP 20 billion bonds

By Marisa Wong

Madison, Wis., March 14 - San Miguel Brewery Inc. determined the tenors and interest rates for its upcoming issue of PHP 20 billion of fixed-rate bonds, according to a 17-C filing with the Philippines Securities and Exchange Commission.

The series D tranche will have a maturity of five years and one day and a coupon of 6.05%. The series E tranche will have a maturity of seven years and a coupon of 5.93%. The series F tranche will have a maturity of 10 years and a coupon of 6.6%.

As previously noted, proceeds will be used to refinance the company's current and upcoming maturities, including its PHP 38.8 billion series A bonds due April 3, 2012, which are valued at PHP 13.59 billion, and a $300 million term loan.

Philippine Rating Services Corp. assigned an Aaa rating to the proposed bonds.

San Miguel Brewery, a subsidiary of San Miguel Corp., is a Mandaluyong City, Philippines-based producer of beer.

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