SAN Miguel Global Power Holdings Corp., the power arm of conglomerate San Miguel Corp. (SMC), plans to offer to the public up to $300 million in senior perpetual capital securities.
In a disclosure filed with the Philippine Dealing & Exchange Corp. late Tuesday, the company said that its board of directors approved the offering on Jan. 12, with the notes set to be listed on the Singapore Exchange Securities Trading Ltd.
Proceeds will be used for the redemption of previous senior perpetual capital securities issued on Jan. 21, 2020, pre-development costs of some of its solar and hydropower projects, and capital expenditures related to planned battery energy storage system projects.
Standard Chartered Bank was appointed as the sole lead manager for the transaction, while DB Trustees Limited was assigned as the trustee.
San Miguel Global Power added that for the avoidance of doubt, it will not allocate any of the proceeds to its existing and planned coal assets and liquefied natural gas assets.
Shares of its parent San Miguel Corp. were marginally up by five centavos, or 0.06 percent, closing at P85.00 each on Wednesday.
