Philippine Daily Inquirer / 05:22 AM
April 04, 2019
SMC Global Power Holdings Corp., one
of the country’s largest power generation firms, has priced a fresh multiyear
bond offering worth as much as P30 billion.
This represents the first tranche of
SMC Global Power’s three-year bond shelf registration of up to P60 billion.
The company launched the bond
offering in three-, five- and seven-year tenors at interest rates of 6.835
percent, 7.1783 percent and 7.6 percent, respectively, a year. Coupon payment
will be made on a quarterly basis.
The offering started on April 1 and
will run until April 12 this year.
The bonds are offered to the public
in minimum denominations of P50,000 and in multiples of P10,000 thereafter.
The joint issue managers, joint lead
underwriters and bookrunners are BDO Capital, BPI Capital, Chinabank Capital,
PNB Capital, RCBC Capital and SB Capital.
SMC Global Power’s bonds have
obtained the highest credit rating from local credit watcher Philippine Rating
Services Corp. (PhilRatings) with a “stable” outlook.
PRS Aaa is the highest credit
rating on PhilRatings’ long-term issue credit rating scale. This means the bond
is deemed to be of the “highest quality with minimal credit risk” and that the
borrower’s capacity to meet its financial commitment on the obligation is
“extremely strong.” A “stable” outlook means that the rating is likely to be
maintained or to remain unchanged in the next 12 months.”
In a statement, Philratings cited
SMC Global Power’s leading market position and solid platform for expansion,
strong support from its parent conglomerate, San Miguel Corp., stable earnings
and substantial cash flows as supported by the long term off take contracts of
the company, and ideal position to capitalize on the growing demand for
electricity in the Philippines as supported by the expansion of the domestic
economy.
SMC Global Power has total capacity
of 4,197 megawatts as of end-September 2018. It accounts for 19 percent of the
power supply of the national grid and 25 percent of the Luzon grid.
It boosted its 2018 consolidated
revenue by 45 percent to P120.1 billion. Operating income rose by 37 percent to
P33.2 billion. —DORIS DUMLAO-ABADILLA
No comments:
Post a Comment