SMC Global Power Holdings Corp., the power unit of San Miguel Corp., issued $350 million of senior perpetual capital securities with an initial yearly rate of seven percent.
SMC Global disclosed to Philippine Dealing & Exchange Corp. the securities issued on December 15, obtained an approval in-principle from Securities Exchange Securities Trading Ltd. to list the additional securities.
The securities are expected to be admitted to the official list of the SGX-ST on December 16.
“The net proceeds of the additional securities will be used and applied by the corporation primarily for the repurchase, refinancing and/or redemption of existing undated subordinated capital securities, for investments in liquefied natural gas facilities and related assets or for general corporate purposes,” the company said.
Early this month, the board of SMC Global approved the issuance of additional undated senior perpetual capital securities of at least $300 million, with the the amount dependent on other factors, subject to prevailing market conditions.
