San Miguel Brewery’s board approves P39-billion bond sale

San Miguel Brewery’s board approves P39-billion bond sale

In a disclosure, San Miguel Corp.’s beer unit said it would use the proceeds of the bond offer — expected to be the country’s biggest ever domestic corporate bond issue — to pay for the beer brands, intellectual property rights and real estate from its parent.

The company earlier said it was looking at selling three- and five-year bonds before the end of the month.

Last week, the two companies said the parent would sell the unit beer brands worth P32 billion and land on which the breweries stand at P6.8 billion.

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