SMC Global Power kicks off retail bond offering

San Miguel Corp.’s power unit SMC Global Power Holdings Corp. has started the offer period for the first tranche of its fixed rate bond offering worth P30 billion with an oversubscription option of up to P10 billion.

The bonds form part of the company’s new three-year shelf registration program amounting to P60 billion.

Proceeds from the offering will be used to expand investments in renewable energy (RE) and clean power investments as well as support the company’s goal of reducing its carbon footprint while simultaneously meeting the Philippines’ need for reliable and economical energy supply.

The offer period for the first tranche will run until July 19 or such other date as may be determined by the issuer, joint issue managers, and the joint lead underwriters and bookrunners.

The bonds comprise three-year Series K Bonds due in 2025 with a fixed interest rate of 5.9077 percent per annum, 5.75- year Series L Bonds due in 2028 with a fixed interest rate of 7.1051 percent per annum, and 10- year Series M Bonds due in 2032 with a fixed interest rate of 8.0288 percent per annum.

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