SMC to alter terms of issued bond

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LOCAL beer giant San Miguel Brewery is closing ahead of schedule the solicitation of investors’ consent to modify the terms pertaining to about P22.8 billion in outstanding local bonds.

The consent solicitation was for the proposed amendments to the 2009 trust agreement covering its outstanding 10.5 percent series C bonds due 2019, and another trust agreement dated 2012 covering its outstanding 6.05 percent Series D bonds due 2017, 5.93 percent series E bonds due 2019 and 6.6 percent series F bonds due 2022, SMB in a statement.

Consent forms should be received by the trustees for the bonds on or before 5 p.m. of Jan. 22 after which the consent forms will no longer be accepted. The closing schedule was originally set on Jan. 30.

Under the solicitation process, SMB must seek the consent of bondholders to align the terms of its existing trust agreements, enabling the company to amend its articles of incorporation so it can engage in the business of manufacturing, selling, distributing and/or dealing, in any and all kinds of beverage products. The solicitation process started on Jan. 5.

ING Bank N.V., Manila branch was mandated the advisor of the process. Other parties include BDO Capital and Investment Corp., BPI Capital Corp., China Banking Corp., The Hongkong and Shanghai Banking Corp. Ltd, and SB Capital Investment Corp.

Bank of the Philippine Islands–Asset Management and Trust Group and Rizal Commercial Banking Corp.–Trust and Investments Group are the trustees for the series C and series DEF Bonds, respectively. Philippine Depository and Trust Corp. is the registrar for the consent solicitation.

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