SAN MIGUEL Global Power Holdings Corp. (SMGP), the power arm of conglomerate San Miguel Corp., said that its board of directors recently approved the offer and issuance of up to $300 million in senior perpetual capital securities.
The proposed issuance will be listed on the Singapore Exchange Securities Trading Ltd., SMGP told the Philippine Dealing & Exchange Corp. on Tuesday.
The company noted that the amount of the new securities may also be “based on prevailing market conditions and as may be advantageous to the corporation.”
SMGP has tapped Australia and New Zealand Banking Group Limited, DBS Bank Ltd., Mizuho Securities Asia Ltd., and Standard Chartered Bank as joint lead managers.
It also appointed DB Trustees (Hong Kong) Ltd. as trustee and Deutsche Bank AG, Hong Kong Branch, as paying agent, calculation agent, transfer agent, and registrar; and Latham & Watkins as listing agent.
SMGP said that it intends to allocate part of the proceeds to the costs and expenses related to the offers, and to the predevelopment costs of solar energy projects.
“For the avoidance of doubt, net proceeds will not be applied to finance any of the company’s existing and planned coal-fired power assets,” the company said.
SMGP issued $492.11 million in perpetual securities in November 2019, and another $723.9 million in October 2020. — Sheldeen Joy Talavera