Demand for EBs allows San Miguel to raise $880 million

The Philippine conglomerate sells $600 million of attractively priced exchangeable bonds together with $280 million of equity.

Demand for EBs allows San Miguel to raise $880 million

San Miguel Corp, the Philippine conglomerate whose businesses range from beer and food to oil, power and infrastructure, is set to raise $880 million from a concurrent sale of shares and exchangeable bonds. The fundraising is slightly larger than the $850 million indicated by the company earlier this month and could increase to $970 million if the $20 million greenshoe on the international tranche of the equity portion, and the upsize option on the domestic tranche, are both...

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