The power generation holding firm of conglomerate San Miguel Corp. plans to raise up to P15 billion from the sale of retail bonds.
SMC Global Power has filed a registration statement at the Securities and Exchange Commission, seeking authority to offer fixed rate bonds with five, seven and 10 year tenors.
The company has mandated nine financial institutions as joint issue managers, joint lead underwriters and bookrunners for the transaction: BDO Capital & Investment Corp., BPI Capital Corp., Chinabank Capital, Maybank ATR Kim Eng, PNB Capital, RCBC Capital, SB Capital, Standard Chartered and UCPB.
Part of the proceeds will be used to refinance short-term loans provided by BDO that were in turn used to redeem $300 million notes due this year.
The rest will be used for general corporate purposes such as overhead expenses and taxes.
The bonds will be issued in scripless form in minimum denominations of P50,000 each and in multiples of P10,000 thereafter.
SMC Global Power is one of the largest power companies in the Philippines, controlling 2,903 megawatts of combined capacity as of end-2015.
It had a 17-percent share of the power supply of the national grid and 22 percent of the Luzon grid as of end-2015.