SAN Miguel Global Power Holdings Corp., the generation arm of San Miguel Corp. (SMC), on Monday said its board had approved a peso-denominated bond offering worth up to P30 billion.
In a disclosure to the Philippine Dealing and Exchange Corp., the company said the offering would have a base size of up to P20 billion and an oversubscription option of up to P10 billion.
No further details were provided.
The company said its board also approved a consent solicitation process to amend certain provisions of the trust agreements for outstanding fixed-rate bonds and notes, details of which would be made available to shareholders at the soonest possible time.
Last month, San Miguel Global Power raised $300 million from the issuance of senior perpetual capital securities, to be listed at the Singapore Exchange.
Proceeds will be used mainly for the redemption of previous senior perpetual capital securities issued on Jan. 21, 2020, with the balance to go toward funding pre-development costs of some solar and hydropower projects as well as capital expenditures for planned battery energy storage system projects.
San Miguel Corp. shares dipped P1.90, or 2.47 percent, to close at P75.00 apiece.
