San Miguel Brewery plans P20-B bond float

San Miguel Brewery Inc. said Tuesday it will issue P20 billion in five- to 10-year bonds and that its consolidated net sales revenue rose 6.3 percent last year.

 

Bulk of the bond proceeds — P13.6 billion — will be used to redeem fixed rate bonds maturing on April 3 while the rest will be prepayment of a $300 million loan of the brewery.

 

Year-on-year, its total net sales revenue rose to P71.9 billion from P67.6 billion “due to increases in sales volume — for both domestic and international operations — and higher selling prices.”

 

The brewery’s disclosure to the Philippine Stock Exchange on Tuesday, however, did not state by how much sales volume and selling prices went up.

 

It also said in the disclosure that its operating income jumped 10 percent to P20.5 billion from P18.6 billion.

 

Net income after tax improved by 17.4 percent to P12.2 billion from P10.4 billion in 2010. —ELR/VS, GMA News