SMC power unit selling $500m worth of securities

By Alena Mae S. Flores – October 09, 2019 at 07:50 pm
from manilastandard.net

The board of SMC Global Power Holdings Corp. approved the sale of up to $500 million in undated senior perpetual capital securities based on prevailing market conditions.

“The securities will be constituted by a trust deed by and between the corporation and DB Trustees (Hong Kong) Ltd. and will be listed on the Singapore Exchange Securities Trading Ltd.,” the company said in a report to Philippine Dealing & Exchange Corp. on October 8.

SMC Global engaged Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, Singapore Branch, Merrill Lynch (Singapore) Pte. Ltd., JP Morgan Securities PLC, DBS Bank Ltd. and UBS AG Singapore Branch as joint lead managers, DB Trustees (Hong Kong) Ltd. as trustee and Deutsche Bank AG, Hong Kong Branch as paying agent.

The board in June approved the issuance of additional senior perpetual capital securities amounting to at least $200 million that will form a single series with the $500-million original securities.

“The additional securities will be identical in all respects with the original securities, other than with respect to the date of issuance and issue price,” SMC Global Power said.

The company said it would use the net proceeds from the issuance of the additional securities “for general corporate purposes, investments in power-related assets and repayment of indebtedness.”