San Miguel board approves P20-B bond issuance

San Miguel [SMC 102.00 unch; 26% avgVol] [link] disclosed that its board of directors has approved a P20 billion issuance of fixed-rate Peso-denominated bonds. The transaction will exhaust SMC’s P50 billion shelf registration.

MB bottom-line: SMC is the king of juggling debt, and a bond issuance like this is a nice way of borrowing some extra fingers to stick into some additional pies. The company said (at the time of the original filing) the proceeds were meant to retire an existing dollar-denominated debt.

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