By Jordeene B. Lagare January 23,
2020
SMC Global Power Holdings Corp., the
power arm of San Miguel Corp. (SMC), has raised $600 million from the sale of
securities.
In a disclosure to the Philippine
Dealing & Exchange Corp. on Wednesday, SMC Global Power said it issued
senior perpetual capital securities with an initial rate of distribution of
5.70 percent per annum.
“Approval in-principle has been
obtained from the Singapore Exchange Securities Trading Ltd. (SGX-ST) for the
listing and quotation of the securities and the securities are expected to be
admitted to the official list of the SGX-ST on Jan. 22, 2020,” it added.
Credit Suisse (Hong Kong) Ltd., DBS
Bank Ltd., J.P. Morgan Securities PLC, Mizuho Securities Asia Ltd., Standard
Chartered Bank and UBS AG Singapore Branch were the joint lead managers.
DB Trustees (Hong Kong) Ltd. was
tapped as trustee while Deutsche Bank AG, Hong Kong Branch would act as paying
agent.
SMC Global Power had earmarked
proceeds from the transaction for the development and completion of its battery
energy storage systems projects and also for general purposes.
The latest issuance was on top of
the $500-million senior perpetual capital securities issued on April 25, 2019,
the $300-million senior perpetual capital securities issued on July 3, and the
$500-million senior perpetual capital securities issued on November 5.
SMC Global Power, which
has a diversified portfolio utilizing a mix of coal, natural gas,
hydroelectric power, and battery energy-storage systems, has an installed
capacity of 4,197 megawatts.
It administers
three power plants via its independent power producer
administration agreements with the Power Sector Assets and
Liabilities Management Corp.
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