San Miguel Global Power Holdings Corp. on Friday said it has issued $100 million senior perpetual securities and obtained the approval in-principle from the Singapore Exchange Securities Trading Limited (SGX-ST) for its listing.
San Miguel Global said in a disclosure to the Philippine Dealing and Exchange Corp. that the securities shall be consolidated into and form a single series with the company’s existing $500 million senior perpetual capital securities issued on Dec. 2, 2024.
The company planned to use proceeds from the issuance towards the partial purchase, repurchase and/or redemption of the outstanding 7 percent senior perpetual capital securities issued on Oct. 21, 2020 and Dec.15, 2020.
“ For the avoidance of doubt, the net proceeds will not be applied in connection with any of the company’s existing and planned coal-fired power assets (including, but not limited to, their construction and working capital requirements),” it said.
San Miguel Global engaged Deutsche Bank AG, Singapore Branch as sole placement agent; DB Trustees (Hong Kong) Limited as trustee and Deutsche Bank AG, Hong Kong Branch as paying agent, calculation agent, registrar; and Latham & Watkins as listing agent of the additional securities.
The company posted a net income of P13.465 billion in the first three quarters of 2024, up 48.2 percent from P9.088 billion for the same period last year.
Consolidated revenues reached P153.591 billion during the period, a 22.7 percent increase from P125,212 billion recognized in the same period last year.
This was driven by higher offtake volume from several power supply agreements from Manila Electric Co. and other distribution utilities secured by the company enabling the contracting of its available capacities mainly from the 1,200 megawatt Ilijan natural gas power plant and the generation from the 600 MW Mariveles coal-fired power plant, with most of its units undergoing testing and commissioning, and ancillary services rendered using a total of 10 battery energy storage facilities with a combined installed capacity of 330 megawatt hour.
San Miguel Global, together with its subsidiaries, associates and joint ventures have a total combined capacity of 5,357 MW as of Sept. 30, 2024.
Its diversified portfolio includes natural gas, coal, renewable energy such as hydroelectric power and BESS.
The company is also engaged in retail electricity services, invested in distribution services and has various power projects in the pipeline.