San Miguel power unit raises $300-M via bond sale


Posted at Aug 20 2015 11:33 AM | Updated as of Aug 20 2015 07:33 PM

MANILA - SMC Global Power Holdings, a unit of Philippine conglomerate San Miguel Corp., said on Thursday it had raised $300 million from a bond issue to fund ongoing projects.

SMC Global President Alan Ortiz confirmed the bond issuance by the country's biggest power producer.

It was priced at 6.75 percent, in line with initial guidance, and follows the issuer's $300 million bond sale in April priced at 7.50 percent, according to IFR, a Thomson Reuters unit.

IFR quoted an unnamed banker on the deal as saying that the issuer was targetting appetite for credits away from China following the yuan's devaluation that prompted Chinese offshore bonds to sell off in secondary markets.

ANZ, Bank of America Merrill Lynch, DBS Bank Ltd, Deutsche Bank, HSBC, ING, Mizuho Securities and UBS acted as joint bookrunners.

San Miguel was previously looking to raise about $1 billion from the sale of a 49 percent stake in SMC Global to cornerstone investors and via an initial public offering.