The power generation arm of diversified conglomerate San Miguel Corp. has issued $400 million worth of senior perpetual capital securities, with part of the proceeds to be used for liquefied natural gas (LNG) investments. DB Trustees (Hong Kong) Ltd. and Deutsche Bank, Hong Kong Branch, were the trustee and paying agent, respectively. This offer came 10 months after SMC Global Power netted $600 million from the issuance of the same kind of securities with an initial rate of distribution of 5.70 percent per annum. This issuance was on top of the $500-million senior perpetual capital securities issued on April 25, 2019, the $300-million senior perpetual capital securities issued on July 3, and the $500-million senior perpetual capital securities issued on November 5. The latest issuance also came after SMC Global Power in August unveiled plans to construct a LNG terminal beside its Ilijan power plant in Batangas City, Batangas province.

Source: Manila Times October 22, 2020 16:18 UTC