SMC gets nod to raise P65b; Vista Land eyes P35-b bonds

The Securities and Exchange Commission said Thursday it approved the P65-billion preferred shares offering of San Miguel Corp. and the P35-billion bond shelf registration of Vista Land & Lifescapes Inc.

It said it would use the proceeds from the capital building activity, totaling P50 billion to repay peso-dominated short-term loan facilities and previously issued bonds and partially fund the P740-billion airport project in Bulacan province. The property firm will initially offer P6 billion worth of bonds, with an oversubscription option for another P4 billion, consisting of Series F bonds due 2026 and Series G bonds due 2028.

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