SMC Raising ₱50 Billion To Pay Debt, Fund Airport Project

San Miguel Corp. is seeking to register P65 billion worth of preferred shares with the Securities and Exchange Commission (SEC) as it plans to undertake a public offering worth up to P50 billion in November this year to repay debt and finance its massive airport project.

SMC will utilize the proceeds from the offering for additional investments in the Manila International Airport and other airport-related projects. I Image: San Miguel Corporation

In a disclosure to the Philippine Stock Exchange, the firm stated that it has filed a Registration Statement with the Preliminary Prospectus for the Shelf Registration of up to 866.67 million Series 2 Preferred Shares to be offered within a period of three years.

It also submitted the Offer Supplement for the Public Offering of 400 million Series 2 Preferred Shares with an Oversubscription Option of up to 266.67 million Series 2 Preferred Shares.

SMC will utilize the proceeds from the offering for the following purposes: repayment of peso-denominated short-term loan facilities, repayment of the Series B Bonds and Series H Bonds, and, in the event of the exercise of the oversubscription option, additional investments in the Manila International Airport and other airport-related projects.

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