Philippines' SMC Global Power gets needed consents to amend 7% notes

By Marisa Wong

Madison, Wis., Feb. 5 - SMC Global Power Holdings Corp. announced that it entered into a supplement trust deed amending its $300 million 7% notes due 2016 on Tuesday.

SMC Global Power had received the needed consents to amend the notes at a noteholders' meeting held on Jan. 30.

The company began the consent solicitation on Jan. 8. According to a previous announcement, the company solicited consents to proposed amendments that align the terms and conditions of the notes with provisions of its $700 million syndicated term loan facility entered into in November.

Holders who delivered their consents by 4 a.m. ET on Jan. 20, the early consent deadline, received an early consent fee of $4.00 per $1,000 principal amount.

Holders who delivered their consents by the expiration deadline at 4 a.m. ET on Jan. 28 received the base consent fee of $2.00 per $1,000 principal amount.

DBS Bank Ltd., Merrill Lynch (Singapore) Pte. Ltd. and Mizuho Securities Asia Ltd. were the joint solicitation agents. Deutsche Bank AG, Hong Kong Branch was the tabulation agent.

SMC Global Power is a subsidiary of Mandaluyong City, Philippines-based conglomerate San Miguel Corp.

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