Saturday 19 January
Apr 18, 2016 @ 17:51

SMC power arm to raise P15B


One of the largest power companies in the country owned by diversified conglomerate San Miguel Corp. (SMC) of Bilyonaryo Ramon S. Ang is set to raise as much as P15 billion through bond offering this year.

SMC Global Power Corp. is seeking the green light from the Securities and Exchange Commission (SEC) to issue fixed rate bonds due 2021, 2023, and 2026.

The bonds will have an early redemption option.

Proceeds from the bond offering will be used to refinance the company?s short term loan provided by BDO Unibank Inc. of which the proceeds were used to fully redeem $300 million notes due 2016 and for general corporate purposes.

The bonds will be listed with the Philippine Dealing & Exchange Corp.

The company hired nine banks to handle the transaction, namely BDO Capital and Investments Corp., Maybank ATR Kim Eng, SB Capital, BPI Capital Corp., PNB Capital Corp., Standard Chartered, China Bank Capital RCBC Capital Corp., and United Coconut Planters Bank.

SMC Global Power currently controls 2,903 megawatts of combined contracted capacity as of December 2015 and which benefits from diversified fuel sources, including natural gas, coal and hydroelectric.

It operates the Sual, San Roque and Ilijan power plants. It also holds 60 percent interest in Angat Hydro Ppwer Corp., which operates the 218 MW Angat hydroelectric power plant.

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