Milbank, Tweed, Hadley & McCloy LLP represented JP Morgan, Morgan Stanley and UBS as joint global coordinators, Deutsche Bank and Goldman Sachs as joint bookrunners, and BDO Capital and BPI Capital as local lead underwriters in connection with the Rule 144A/Regulation S follow-on offering of 400,940,590 common shares of San Miguel Food and Beverage, Inc. The shares were sold in a secondary offering by parent company San Miguel Corporation at Php 85 per share for a total value of Php 34 billion or US$640 million.
The offering follows the consolidation of San Miguel Purefoods, leading beer-maker San Miguel Brewery and leading gin-maker Ginebra San Miguel into San Miguel Food and Beverage, Inc., the largest consumer company in the Philippines. San Miguel Corporation expects to use the offering's proceeds for investments in the San Miguel Group.
The transaction closed on November 12, 2018.
The Hong Kong-based Milbank team was led by Capital Markets partner James Grandolfo and counsel Paul Pery with associate Ari Singzon. The team was also supported by associates Cheyne Cudby and Liam O'Hagan.
Mr. Grandolfo said: "This transaction marks a major achievement for San Miguel Food and Beverage following the consolidation of Pure Foods, Brewery and Ginebra into what is now the Philippines' and one of the region's leading consumer powerhouses. We are very pleased to have successfully advised the financial institutions on this transaction, particularly given the challenging and uncertain market conditions under which it was completed. The success of the follow-on offering highlights Milbank's unmatched ability to deploy a cross-border team of experienced attorneys to execute complex capital markets transactions in the fast-growing Philippine market."
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