San Miguel Global Power Plans $300 Million Senior Perpetual Capital Securities Offering
San Miguel Global Power Holdings Corp. plans to offer up to $300 million in senior perpetual capital securities, approved by its board on January 12, for listing on the Singapore Exchange. The proceeds will be used to redeem previous securities and fund pre-development costs for solar and hydropower projects, as well as capital expenditures for battery energy storage systems, with no allocation to coal or liquefied natural gas assets. Standard Chartered Bank will act as the sole lead manager for the offering.
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San Miguel Global Power Holdings Corp. plans to offer up to $300 million in senior perpetual capital securities, as approved by its board on January 12. The offering is intended for listing on the Singapore Exchange.
Proceeds will fund the redemption of previous securities issued on January 21, 2020, and cover pre-development costs for solar and hydropower projects, as well as capital expenditures for battery energy storage systems. Standard Chartered Bank is the sole lead manager, with DB Trustees Limited serving as the trustee.
SMGP clarified that none of the proceeds will be allocated to existing or planned coal and liquefied natural gas assets. SMGP is the second-largest power producer in the Philippines, with a diverse portfolio including natural gas, coal, and renewable energy projects.
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