San Miguel brews loan refi with return to local bonds

Philippine beer maker San Miguel Brewery showed the huge difference in liquidity between bond and loan markets in Asia Pacific last week when it raised around $465m from its domestic debt market — and prepared to pay back a $300m loan that does not fall due until the start of 2015.

  • 23 Mar 2012

The company took out the $300m loan in January 2010, using the money to separate itself from San Miguel Corp, buying the brewery assets of the latter company. But after getting a big response from Philippine investors, it decided to refinance the deal in the bond market.

San Miguel ...

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