SMC Global Power to raise $300 million

posted December 09, 2020 at 05:39 pm by Alena Mae S. Flores
https://manilastandard.net/business/power-technology/341608/smc-global-power-to-raise-300-million.html

SMC Global Power Holdings Corp., the power unit of San Miguel Corp., said Wednesday its board approved the issuance of additional undated senior perpetual capital securities of at least $300 million.

SMC Global said in a disclosure to the Philippine Dealing & Exchange Corp. the approval would also be dependent on other factors, subject to prevailing market conditions.

“The net proceeds of the additional securities will be used and applied by the corporation primarily for the repurchase, refinancing and/or redemption of existing undated subordinated capital securities, for investments In liquefied natural gas facilities and related assets or for general corporate purposes,” the company said.

SMC Global said the additional securities would be consolidated to form a single series with the $400-million undated senior perpetual capital securities issued on Oct. 21.

It will be constituted by a supplemental trust deed to supplement the trust deed of the original 2020 securities and listed at the Singapore Exchange Securities Trading Ltd.

The company tapped Credit Suisse (Hong Kong) Ltd., DBS Bank Ltd., Standard Chartered Bank and UBS AG Singapore Branch as joint lead managers for the additional securities.

DBS Trustees (Hong Kong) Ltd. was appointed as trustee and Deutsche Bank AG, Hong Kong Bank as paying agent and Latham & Watkins as listing agent.