The board of SMC Global Power Holdings Corp. approved the issuance of additional senior perpetual capital securities of at least $100 million to finance the planned 1,313.1-megawatt combined cycle power plant in Batangas province.
SMC Global said in a disclosure to the Philippine Dealing & Exchange Corp. Wednesday its board held a special meeting and approved the issuance of securities of at least $100 million. The securities will be consolidated and form a single series with the corporation’s existing $600-million senior perpetual capital securities issued on June 9. The securities will be listed in the Singapore Exchange Securities Trading Ltd.
“The net proceeds of the additional securities will be used and applied by the corporation primarily for investments in the 1,313.1-MW Batangas combined cycle power plant and related assets or for general corporate purposes,” the company said.
SMC Global tapped Standard Chartered Bank and Mizuho Securities Asia Ltd. as joint managers, DB Trustees (Hong Kong) Ltd. as trustee and Deutsche Bank AG, Hong Kong Branch as paying agent, Lathan & Watkins as listing agent.