The board of San Miguel Global Power Holdings Corp., the power arm of conglomerate San Miguel Corp., approved the issuance of up to P30 billion in peso-denominated bonds.
SMGP disclosed to the Philippine Dealing & Exchange Corp. Monday that the board approved the issuance during a special meeting Feb. 6.
The proposed issuance comprises a base offer of up to P20 billion and an oversubscription option of up to P10 billion.The company did not specify how it plans to use the proceeds.
The board also approved a consent solicitation for the corporation’s outstanding fixed-rate bonds and notes to amend certain provisions of trust agreements. Relevant details will be provided in consent solicitation statements available to holders.
This follows the January issuance of up to $300 million in senior perpetual capital securities to purchase and redeem outstanding securities and finance solar, hydro and battery storage projects. SMGP proceeded with the issuance after postponing it in December.
SMGP said it will not apply the proceeds to its existing or planned coal-fired power assets or liquefied natural gas assets, including construction and working capital requirements.
SMGP is one of the nation’s largest power companies, controlling a combined capacity of approximately 5,710 megawatts as of July 25, 2025.
The company has a diversified power portfolio including natural gas, coal, and renewable energy such as hydroelectric power and battery energy storage systems. It is also engaged in retail electricity services, distribution services and various projects in the pipeline.
