Investors tender only 43.8% of San Miguel’s exchangeable bond

The company reduces the EB issue to $332 million, but withdraws the consent solicitation which was seeking to make it easier to do a cleanup call.

Investors tender only 43.8% of San Miguel’s exchangeable bond

San Miguel Corp didn’t get a sufficient response to the tender offer for its exchangeable bonds EBs due May 2014 and the accompanying consent solicitation to allow it to buy back the entire issue as it was likely hoping to do. The bonds had a face value of $600 million when they were issued in April 2011 and had about $591.2 million left outstanding before the launch of the tender.

The EB isn’t distressed indeed,...

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