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.