The Philippines biggest conglomerate said it had sold $600 million in exchangeable bonds and $300 million in shares during roadshows and bookbuilding in Southeast Asia and Britain.

The offer price of the shares was 110 pesos ($2.54), at the low end of the guidance given by bookrunners earlier in the week and well below levels of above 200 pesos the company had targeted. A public offer to sell the shares opens next week.

The exchangeable bonds have a maturity of three years, a coupon of 2 percent and a conversion premium of 25 percent to the offer price.

Trading of San Miguel shares has been suspended from April 13 and will resume on May 5. They last closed at 153 pesos.