SAN MIGUEL CORP. (SMC) has invested P471.12 million from its P20-billion fixed-rate bond issuance within the Recent Manila International Airport (NMIA) project in Bulacan.
In a disclosure to the stock exchange on Tuesday, the conglomerate said the disbursement represents a further investment within the airport project.
Thus far, SMC has released a complete of P16.91 billion from the bond proceeds, leaving a balance of P2.82 billion from the web proceeds of the offering.
The bond issue is an element of the corporate’s fundraising program to finance infrastructure projects, including its flagship NMIA, which is targeted to assist ease congestion at Ninoy Aquino International Airport.
SMC, through its unit San Miguel Aerocity, Inc., is developing a P740-billion airport project spanning 2,500 hectares in Bulacan. The corporate said it goals to construct a world-class aerotropolis that may accommodate as much as 100 million passengers annually.
SMC earlier said that the airport’s business opening has been pushed back to 2028 due to construction delays.
In a separate disclosure on Tuesday, SMC said its board had approved the redemption of 223.33 million Subseries “2-F” preferred shares at P75 apiece.
The corporate said the redemption, approved on Aug. 7, will take effect on Sept. 21, which is an optional redemption date under the terms of the issuance and in addition marks the tenth anniversary of the securities’ issuance.
“Under the terms and conditions of the offering of the Preferred Shares, the Board of Directors of the Company may redeem the Preferred Shares commencing on the seventh anniversary of the difficulty date, which is September 21, 2022, and on the last day of any subsequent dividend period thereafter,” SMC said.
Proceeds from the redemption will probably be paid on Sept. 22, as Sept. 21 falls on a Sunday, to stockholders of record as of Sept. 10.
The corporate added that the last dividend payment for holders of the Series 2-F preferred shares, with record date Sept. 22, will probably be paid on Oct. 3.
SMC shares fell by 2.35% at P58.30 apiece on Tuesday. — Alexandria Grace C. Magno