SMC power unit to issue $200M more perpetual notes
The power generation arm of conglomerate San Miguel Corp. is issuing an additional $200 million worth of senior perpetual capital securities to fund general corporate purposes, investments in power-related assets and to pay down debt.
The notes will be listed on the Singapore Stock Exchange.
Reports said SMC Global Power Holdings Corp. had tapped Credit Suisse (Hong Kong) Ltd., Merrill Lynch (Singapore) Pte. Ltd. and UBS AG Singapore Branch as joint lead managers for the issue.
SMC Global Power is one of the leading power companies in the country with a total capacity of 4,197 megawatts as of the end of September 2018. Its diversified mix of fuel supply comprises natural gas, coal and hydropower resources.
The group’s combined capacity accounts for 19% of the national grid’s power supply and 25% of the Luzon grid.