SMC power arm to P15B retail bonds
SMC Global Power Holdings Corp. is tapping the debt market anew with the offering of P15 billion worth of retail bonds.
This represents the last tranche of the power firm’s three-year shelf registration of up to P35 billion in fixed-rate bonds.
Proceeds from the offering will be largely used for debt refinancing.
The bond issue was assigned a credit rating of PRS Aaa, the highest rating on Philippine Rating Services Corp.’s scale. Obligations rated PRS Aaa are of the highest quality with minimal credit risk, which means the issuer’s capacity to meet its financial commitment is extremely strong.
SMC Global is one of the country?s leading and largest power companies, with a combined capacity of 4,153 megawatts (MW). Its diversified mix of fuel supply consists ofnatural gas, coal and hydropower resources.
It serves as the independent power producer administrator (IPPA) for the Sual, Ilijan and San Roque power plants.