SMPFC Raises P15 B from Series 2 Preferred Shares Offer

March 12, 2015

SMPFC raises P15 billion from Series 2 Preferred Shares offer

San Miguel Pure Foods Company Inc., the food arm of diversified conglomerate San Miguel Corporation, has raised P15 billion from its issuance of 15,000,000 Series 2 Preferred Shares.

The shares has a base issue of 10,000,000 and oversubscription of 5,000,000 and will be listed March 12 at the Philippine Stock Exchange.

Market demand for the issue was strong and the offer was four times oversubscribed, due to the attractiveness of the company’s credit profile and favorable market conditions.

San Miguel Pure Foods President Francisco Alejo III said: “The strong support our company received from the investing community reflects their confidence on our strategy and growth prospects. For 2015, we expect to perform even better, with the robust economy and consumers’ growing purchasing power.”

Proceeds of the offer will be used to refinance preferred shares the company issued in 2011 and redeemed on March 3, 2015.

San Miguel Pure Foods is a leading food manufacturer in the Philippines with a highly diversified product portfolio that includes animal feeds, poultry and fresh meats, processes and canned meats, flour, spreads, butter, margarine, coffee and ice cream. It is the company behind the well-known brands such as Magnolia, Purefoods, Monterey, Star and Dari Crème.

BPI Capital Corporation, China Banking Corporation, RCBC Capital Corporation, SB Capital Investment Corporation and Standard Chartered Bank acted as Joint Issue Managers, Joint Lead Underwriters and Joint Bookrunners.