Philippines’ SMC Global board OKs $200 million more 6˝% perpetuals

By Sarah Lizee

Olympia, Wash., June 26 – SMC Global Power Corp.’s board of directors has approved an add-on of at least $200 million to its existing 6˝% senior perpetual capital securities, according to a notice.

The additional securities will be consolidated and form a single series with the original securities.

As previously reported, the company originally issued $500 million of the perpetuals on April 25.

Credit Suisse (Hong Kong) Ltd., DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, Merrill Lynch (Singapore) Pte. Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank and UBS AG Singapore Branch were the lead managers and bookrunners.

The power company is a wholly owned subsidiary of San Miguel Corp. The conglomerate is based in Mandaluyong City, Philippines.

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