The Philippines' most diversified corporation, San Miguel Corporation has raised a US$800 million through a ten year bond issue. This is the biggest dollar denominated overseas issue done by a local private firm.
The demand was seen as strong after a roadshow held in Hong Kong and Singapore, with a final order listing size of more than US$4.5 billion accross 250 different accounts. This is an oversubscription rate of more than five times the original subscription.
The bond issue was priced at 4.875% agains the initial pegged price of 5.125%. Nearly 69% of the orders came from Asian investors followed by 28% from Europe and the remaining 3% from the US according to a San Miguel statement.
The company would be using the proceeds for the repayment of a bridge loan facilitated by Deutsche Bank, Standard Chartered, ANZ Bank, Bank of America Merrill Lynch and DBS Bank Ltd.
Bookrunners for the transaction is Deutsche Bank and Standard Chartered.
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