The Securities and Exchange Commission has approved the P30 billion bond offering of San Miguel Global Power Holdings Corp.
Based on the terms approved by the SEC, San Miguel Global Power will issue P20 billion of fixed-rate bonds, with an oversubscription option of up to P10 billion.
The bonds, which consist of 5.25-year Series N bonds due 2031, seven-year Series O bonds due 2033, and 10-year Series P bonds due 2036, will be offered at face value.
Assuming the oversubscription option is fully exercised, San Miguel Global Power could net up to P29.64 billion from the offer. Proceeds will be used for the refinancing of debt obligations and partial funding of the company’s renewable energy projects.
The offer period will run from March 30 to April 10, in time for listing on the Philippine Dealing and Exchange Corp. on April 17, according to the latest timeline submitted to the SEC.
SMC has engaged Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp. as joint issue managers. They will join Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. as the joint lead underwriters and bookrunners.
In 2025, San Miguel Global Power saw its net income surge 290 percent to P48.3 billion, supported by a P21.9 billion gain from the Chromite transaction. Excluding this one-off gain, net income improved by 113 percent to P26.4 billion.
Revenues, however, fell 23 percent to P157.2 billion, with offtake volumes declining 20 percent to 29.2 million MWh, primarily due to the divestment and resulting deconsolidation of the Ilijan and EERI power plants.
