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San Miguel Said to be in Talks for $2bn Loan with Banks
October 18, 2023
San Miguel is said to be in talks with about 10 banks for a $2bn loan for five years as per sources. The purpose of the loan is to refinance a similar-sized loan facility maturing in December next year. At end-June, San Miguel had outstanding debt of PHP 1.4tn ($24.7bn), and the company is set to face its biggest debt redemptions in 2024, as per Bloomberg. The Philippines based conglomerate faces $3bn in the total debt maturities are due next year. Earlier this year, San Miguel raised $1.33bn via a five year loan at SOFR+198.5bp. The plan to raise money via the loan comes at a time when the nation’s central bank has asked its largest business groups to disclose foreign-debt levels.
San Miguel’s 5.5% Perp was trading stable at 91.97, yielding 10.56% to its call date in July 2025.
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