Ramon Ang plans P60B bond offering for San Miguel

Diversified conglomerate San Miguel Corp. (SMC) is returning to the bond market to raise as much as P60 billion.

In a stock exchange filing, SMC said its board authorized the offering of fixed-rate peso-denominated bonds amounting up to P60 billion, with an oversubscription option of P20 billion.

SMC will file the appropriate registration statement and prospectus with the Securities and Exchange Commission.

The company’s board has authorized the engagement of the services of underwriters, advisors, legal counsels, stock and transfer agent, receiving agent/bank, and other agents as may be necessary to effect the offering.

SMC also announced that its board approved the redemption of the outstanding and issued series 2 preferred shares – subseries H (SMC2H) at a price of P75 per share, together with any unpaid cash dividends.

The SMC2H preferred shares will not be considered retired upon redemption, and may be re-issued by the company.

Trading of the shares will be suspended upon redemption and may only be tradeable upon application for lifting of trading suspension in case it decides to issue them in the future.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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