Conglomerate San Miguel Corp. plans to raise up to P30 billion from a sale of preferred shares to refinance its existing debt and fund investments in its infrastructure business, including its airport project in Bulacan province.

The company will offer up to 266.67 million Series 2 preferred shares at P75 apiece, with an oversubscription option for another 133.33 million shares, according to a preliminary prospectus dated May 29.

The base offer will generate gross proceeds of about P20 billion, which could rise to P30 billion if underwriters fully exercise the oversubscription option.

San Miguel will list the Series 2-V, Series 2-W and Series 2-X preferred shares on the main board of the Philippine Stock Exchange under the ticker symbols “SMC2V,” “SMC2W” and “SMC2X.”

The company will use the net proceeds to refinance short-term loans that funded the redemption of Series 2-I preferred shares in March 2026, repay Series C and Series J bonds maturing in March 2027 and fund investments in airport and other infrastructure projects.

San Miguel will allocate up to P6.31 billion of the proceeds to refinance short-term loans from BDO Unibank Inc. incurred earlier this year. It will also allot P6.02 billion to repay Series C bonds due in March 2027 and up to P17.44 billion to repay Series J bonds maturing in the same year.

The company may also allocate up to P5 billion for investments in airport and other airport-related infrastructure projects, including developments tied to the New Manila International Airport project in Bulacan.

Subject to regulatory approvals, the offer period will run from July 15 to July 23, and the company targets listing for July 31.

Bank of Commerce, BDO Capital & Investment Corp. and China Bank Capital Corp. will serve as joint issue managers for the transaction. BPI Capital Corp., Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and Security Bank Capital Investment Corp. will act as joint lead underwriters and book runners. — Jenniffer B. Austria