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San Miguel Corporation (SMC) Fixed-rate Bonds due 2027 and 2029
Indicative Rate for the 5Y Bond as of February 3, 2022

[5.0432% - 5.5432%] per annum*

Indicative Rate for the 7Y Bond as of February 3, 2022

[5.5556 - 6.0556%] per annum*

Interest Payments
Quarterly
Tentative Public Offer Period

February 14, 2022 to February 21, 2022

*Subject to 20% or 25% witholding tax or such other rates as may be required by law or regulations


San Miguel Corporation (SMC) was originally founded in 1890 as a single brewery in the Philippines. The company has since then transformed itself from a beverage, food and packaging business into a diversified conglomerate with businesses in fuel and oil, energy, infrastracture, and real estate industries. The company's product portfolio includes beer; spirits; non-alcoholic beverages; poultry; animal feeds; flour; fresh and processed meats; dairy products; coffee; various packaging products; a range of refined petroleum products; and cement. SMC has strategic partnerships with international companies, among them are Kirin Holdings Company, Limited for Beer; Hormel Foods International Corporation for processed meats; Nihon Yamamura Glass Company, LTD., Fuso Machine and Mold MFG. Co. LTD. and Can Pack S.A. for packasing products; and Korea Water Resources Corporation for its power business. The company's subsidiaries include San Miguel Food and Beverage, Inc.; Ginebra San Miguel, Inc.; SMC Global Power Holdings Corp.; Sea Refinery Corporation; San Miguel Holdings Cop.; and San Miguel Properties, Inc.


Source: SEC Form 17-A 2020



Issuer

San Miguel Corporation (“SMC”) 

Joint Issue Managers 

BDO Capital & Investment Corporation 

China Bank Capital Corporation 

Joint Lead Underwriters and Joint Bookrunners 

BDO Capital & Investment Corporation 

China Bank Capital Corporation 

BPI Capital Corporation 

Philippine Commercial Capital, Inc. 

PNB Capital and Investment Corporation 

RCBC Capital Corporation 

SB Capital Investment Corporation 

Selling Agent 

[Bank of Commerce]

Instrument  

Fixed rate bonds constituting the direct, unconditional, unsubordinated, and unsecured obligations of the Issuer. 

The Offer and Oversubscription Option1

Aggregate Issue Size of up to Php 30,000,000,000.00 consisting of the Base Offer of up to Php 25,000,000,000 and the Oversubscription Option of up to Php 5,000,000,000 

Bond Rating 

PRS Aaa by PhilRatings 

Interest Payment Frequency  

Quarterly  

Series

Series J Bonds  

 Series K Bonds

Maturity Date  

On the 5th anniversary of the Issue Date  On the 7th anniversary of the Issue Date

Indicative Rates as of 02/03/222,3

[5.0432% - 5.5432%][5.5556% - 6.0556%]

Optional Redemption4

  •  On the 3rd anniversary of the Issue Date and every Interest Payment Date thereafter at 100.5% for the Series J Bonds 
  • On the 5th anniversary of the Issue Date and every Interest Payment Date thereafter  at 101.0%; or 
  • On the 6th anniversary of the Issue Date and every Interest Payment Date thereafter at 100.5% for the Series K Bonds 

Indicative Rate Setting Date 

[February 10, 2022]

Tentative Offer Period 

[February 14, 2022 to February 21, 2022]

Tentative Issue Date

[March 1, 2022]


1The Issuer has the discretion to allocate the principal amount of the Offer Bonds between the Series J Bonds and the Series K Bonds based on the book building process. 
2The final interest rates of the bonds will be determined through a book building process, subject to prevailing market conditions. 
3The indicative rates presented are gross rates per annum and are subject to change. 
4The Issuer shall have the right, but not the obligation, to redeem in whole (but not in part) the outstanding Offer Bonds on the dates set out above.


BPI Capital Corporation is regulated by the Bangko Sentral ng Pilipinas.http://www.bsp.gov.ph/ 

BSP Webchat: http://www.bsp.gov.ph/

BSP Facebook: https://www.facebook.com/BangkoSentralngPilipinas/ 

SMS (For Globe Subscribers Only): 21582277 (Standard text messaging service and internet data charges apply.) 


For more details, a copy of the preliminary prospectus and offer supplement may be viewed at the company's website.  


For further details, kindly contact: 

BPI CAPITAL CORPORATION 
11/F Tower One, Ayala North Exchange, 6796 Ayala Avenue corner Salcedo Street, Legaspi Village, Makati City 1229 
E-mail: bpicapital@bpi.com.ph 

For customer assistance, kindly email:

bpicapitalcorp_customersupport@bpi.com.ph



Related information

Disclaimer

The information does not constitute a recommendation regarding the securities of the company or any of its affiliates. This should not be construed as a solicitation to buy or sell any security of the company, or to engage in or refrain from engaging in any transaction. This should not be used as the basis for any financial decision to invest in any securities or participation in any transaction. This does not purport to, and does not, contain all of the information that may be required to evaluate factors relevant to a recipient making any investment decisions. Each recipient should make its own independent appraisal of, and investigation into, the financial condition, creditworthiness, affairs, status and nature of the company as the basis of any investment decision. This is intended for general information purposes. It  provides basic information concerning individual  products or related services. However, none of the information should be interpreted as an offer to sell securities or as investment advice of any kind.  No warranty or representation, express or implied, is given as to the accuracy or completeness of that information. In no event will  bpi capital corporation, nor any of its directors, employees or advisors accept any liability with regard to the information contained herein. 

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy the same be accepted prior to the time the registration statement becomes effective.  This communication shall not constitute an offer to sell nor be considered a solicitation of an offer to buy. 

The financial products of BPI Capital Corporation are not insured by the philippine deposit insurance corporation and are not guaranteed by the Bank of the Philippine Islands.  The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.