EQUITIES: SanMig launches placement and EB to raise US$850m
Philippine conglomerate San Miguel Corp has launched an international roadshow for an offering of treasury shares. Concurrent with the offer, the company also plans to issue US-denominated exchangeable bonds to be converted into treasury shares. Bookbuilding dates for the EB have yet to be confirmed. The equity offer and the EB issue are expected to raise a total of US$850m, with a 10% greenshoe of secondary shares also available from the company’s largest shareholder, Top Frontier. The Reg S equity offering will price on April 20. Bookrunners have not set a price range for the equity offering, but guidance will be given during bookbuilding. The final size of each component of the offering will be decided based on investor feedback.
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