Metro Manila (CNN Philippines, December 18) — San Miguel Brewery, Inc. (SMB) pushed through with the amendments of its existing trust agreements with bondholders Tuesday, as part of the corporate reorganization of parent company San Miguel Corporation(SMC).
“With the majority bondholders’ approval of the alignment of the change of control provisions in the trust agreements, SMB and the trustees executed today the supplemental agreements amending the trust agreements for the Series C and EF Bonds,” SMB’s statement read.
The consent solicitation with SMB’s bondholders began last November 22 and ended on December 14.
The amendments to the change of control provisions are in line with SMC’s reorganization, which was announced in November. It plans to regroup the conglomerate’s food and beverage businesses under the entity San Miguel Pure Foods Company Inc., to be later renamed to San Miguel Food and Beverage Inc.
SMB said they will pay the consent fees to the bondholders on December 22, before the agreements can take effect.
On July 24, SMB said investors will receive ₱1.25 for every ₱1,000 of the principal amount of the bonds they hold for each valid form.
SMB has issued several bond options with different payout durations at various interest rates. The bonds covered by the amendments include the 10.5 percent Series C Bonds issued in 2009 and due 2019; the 5.93 percent Series E Bonds issued 2012 and due 2019; and the 6.6 percent Series F Bonds issued 2012 and due 2022.
