SMC Global Power Holdings Corp. successfully listed its P40-billion fixed-rate bonds at the Philippine Dealing & Exchange Corp., following a strong demand and confidence from investors in its continuous ability to provide reliable power.
The bond offering, which was initially targeted to raise P30 billion, attracted the interest of investors, prompting the company to exercise its oversubscription option of up to P10 billion.
SMC Global Power said that the first tranche of its P60-billion shelf-registered peso retail bonds consisted of Series K Bonds, with an interest rate of 5.9077% per annum due in 2025; Series L Bonds, at 7.1051% per annum due 2028, and Series M Bonds, at 8.0288% per annum due 2032.
“The funds provided by these Bonds come at an opportune time as we continue with our commitment to provide the country with reliable power supply, amidst present challenges in the global fuel market,” San Miguel Corp. (SMC) President and Chief Executive Officer Ramon S. Ang said in a press release.
Mr. Ang assured that SMC’s power unit remains on track with plans to minimize the country’s dependence on coal, as part of the company’s commitment to its sustainability goals.
He vowed to focus on continuing the transition to cleaner and renewable fuel sources, without compromising supply, quality, and affordability.
SMC Global Power serves as the power arm of SMC, one of the largest conglomerates in the Philippines. — Ashley Erika O. Jose