San Miguel in talks with lenders for US$2bil loan

The conglomerate is looking for a five-year debt and aims to mandate banks and start marketing the deal before year-end, sources said. — Reuters

Manila: San Miguel Corp, the biggest Philippine company by revenue, is in talks with at least 10 banks for a US$2bil loan as it looks to refinance a similar-sized facility maturing in December next year, according to three people familiar with the matter.

The food-to-power conglomerate is looking for a five-year debt and aims to mandate banks and start marketing the deal before year-end, said the people who asked not to be identified as they aren’t authorised to speak publicly.