San Miguel Brewery has succeeded in raising PHP38.8bn (US$800m) in a corporate bond issue in the Philippines, according to local reports.

San Miguel Brewery (SMB) said yesterday (16 March) that it has fixed the interest rates for the three bond issues, which together total PHP38.8bn.

A report by Dow Jones newswire later the same day cited unnamed sources as saying that the bond was oversubscribed, allowing SMB to raise the funding with relative ease.

It plans to use the money to acquire the domestic beer brands and brewing operations held by parent firm San Miguel Corp.

Last month, Japanese brewer Kirin Holdings agreed a deal to acquire a 43% stake in SMB for PHP59bn (US$1.2bn), as part of its strategy to expand outside of Japan's shrinking beer market.

Kirin has also launched a tender offer to acquire further publicly-owned shares in SMB, which, if successful, will take its stake to 49%.

San Miguel Corp would retain the controlling 51% stake, although a Kirin spokesperson told just-drinks last week that the brewer is eyeing a move for San Miguel's international beer operations, such as those in China, Vietnam and Indonesia.