Catherine
Talavera (The Philippine Star) - August 18, 2018 - 12:00am
MANILA, Philippines —
SMC Global Power Holdings Corp. has successfully completed the last tranche of
its fixed rate bond offering, raising P15 billion.
On Friday, the
company held the ceremonial listing of its P15 billion Series G Fixed Rate
Bonds Due 2023 at the Philippines Dealing and Exchange (PDEx).
The bond offering was
the second and last tranche of its three-year P35 billion shelf registration
issuance. Last December, SMC Global Power issued P20 billion worth of bonds to
refinance its debt.
The latest issuance has
a tenor of five years and is set to mature on Aug.17, 2023.
BDO Capital &
Investment Corp., BPI Capital Corp. China Bank Capital Corp. and PNB Capital
and Investment Corp. are the joint issue managers, joint lead underwriters and
bookrunners of the issuance.
Local credit watchdog Philippine Rating Services Corp. earlier assigned an
issue credit rating of PRS Aaa with a stable outlook to SMC Global Power’s P15
billion offering.
PRS Aaa is the highest
credit rating on PhilRatings’ long-term issue credit rating scale.
Obligations rated PRS
Aaa are of the highest quality with minimal credit risk. It means the issuer’s
capacity to meet its financial commitment on the obligation is extremely
strong.
A stable outlook, on
the other hand, means that the rating is likely to be maintained or to remain
unchanged in the next 12 months.
In assigning the
rating, PhilRatings considered SMC Global Power’s leading market position,
strong support from its parent company San Miguel Corp., stable earnings
and substantial cash flows, and its ideal position to capitalize on the
growing demand for electricity in the Philippines.
“For its part, today’s
issuance will take the total outstanding face amount of bonds listed on PDEx
across the P900 billion market to P913 billion, and the year-to-date amount of
listings to P120.92 billion,” Philippine Dealing and Exchange Corp. president
and chief operating officer (COO) said at the listing ceremony.
“The large sizes have
been par for the course for the SMC group, as its companies have always come to
the capital markets trusting the capability of investors to supply the funding
and confident of their ability to access those resources,” Nakpil said.
At present, the number
of outstanding corporate securities stands at 147 securities, while there are
47 corporate issuers with outstanding listed issues.
SMC Global Power is
one of the country’s leading and largest power companies, with a combined
capacity of 4,153 megawatts (MW) or about 19 percent of the power supply of the
national grid, 25 percent of the Luzon grid, and nine percent of the Mindanao
grid.
Its diversified mix of
fuel supply consists of natural gas, coal and hydropower resources.
SMC Global Power, through
its wholly-owned subsidiaries, serves as the independent power producer
administrator (IPPA) for the Sual, Ilijan and San Roque power plants. In
addition to these IPPAs, the company’s existing power portfolio also includes
the 218 MW Angat hydroelectric power plant in Bulacan, the 450 MW greenfield
power plant in Limay, Bataan, the 300 MW greenfield power plant in Malita,
Davao and the recently-acquired 640 MW Masinloc power generating facility
in Masinloc, Zambales.
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