Business World ONline
Posted on July 08, 2015 10:38:00 PM
San Miguel President Ramon S. Ang gestures during a speech before shareholders at the conglomerate’s annual meeting. -- BW FILE PHOTO
MANILA -- Philippine conglomerate San Miguel Corp.’s energy subsidiary is borrowing $400 million from banks to finance the construction of a power plant north of the capital, IFR reported on Wednesday.
SMC Global Power Holdings Corp. mandated DBS Bank, Mizuho Bank and Standard Chartered for a $400 million, seven-year loan for the construction of a 300-megawatt coal-fired power plant in Bataan province, said IFR, a Thomson Reuters publication.
San Miguel officials were not immediately available for comment.
SMC Global unit San Miguel Consolidated Power Corp. is the borrower, with the financing split into a $300 million seven-year term loan and a $100 million seven-year working capital facility, IFR said, adding that the loan paid a margin of 325 basis points over Libor.
SMC Global last tapped the offshore loan markets in November 2013, when it arranged a $700 million, five-year loan.
San Miguel, which kicked off an aggressive expansion in 2008 to add power, mining, telecommunications, oil refining and infrastructure to its stable of food, beverage and beer businesses, continues to seek acquisitions to boost revenue. -- Reuters source
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