The Philippines: San Miguel Brewery seeks investor’s consent to amend trust agreement of all outstanding bonds

San Miguel Brewery, Inc. (SMB) is seeking the consent of investors to amend the trust agreement of all its outstanding bonds, the CNN Philippines reported on November 21.

In a statement on November 21, SMB said it wanted to align the terms to "remain consistent with their original intended purpose that SMB continues to be under the effective control of its parent company, San Miguel Corp."

The Ramon Ang-led conglomerate is currently undergoing a corporate reorganization. It is looking to move all its food and beverage businesses under one entity: San Miguel Pure Foods Company, Inc., to be later renamed to San Miguel Food and Beverage, Inc.

To encourage investors to participate in the consent solicitation, they will receive P1.25 for every P1,000 of the principal amount of the bonds they hold for every validly executed form.

The consent solicitation begins on November 22; it ends on December 14. The forms will be sent to bondholders. These are also available on SMB's website.

The covered bonds include the 10.5% Series C Bonds issued in 2009 and due 2019; the 5.93% Series E Bonds issued 2012 and due 2019; and the 6.6% Series F Bonds issued 2012 and due 2022.

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