Based on the registration statement filed with the Securities and Exchange Commission, SMC plans to issue P50 billion in preferred shares as an initial tranche from the company’s P65-billion long-term preferred shares program.
SMC said it would use the net proceeds to repay peso-denominated short-term loan facilities and maturing bonds and fund the New Manila International Airport project. The shares will be issued from the company’s Series 2 preferred shares currently held in treasury. The offer period will be from Nov. 6 to Nov. 13, 2023.
The conglomerate tapped 11 banks to act as joint underwriters and book runners for the offering. These are Asia United Bank Corp., BPI Capital Corp., Philippine Commercial Capital Inc., SB Capital Corp., Bank of Commerce, China Bank Capital Corp., PNB Capital and Investments Corp., BDO Capital & Investments Corp., Land Bank of the Philippines and RCBC Capital Corp.