SMC Global Power to conduct tender offer for $400M bonds

smc global power edited

SMC Global Power Holdings Corp. (SMCGP), the power arm of San Miguel Corporation, is looking to buy back $400 million worth of perpetual bonds listed in Singapore. 

In a disclosure to the Philippine Stock Exchange (PSE), SMCGP Board of Directors has authorized the company to conduct “tender offers for an aggregate principal amount of $400 million to the holders of the US-Dollar denominated senior perpetual capital securities of SMC Global Power that are listed with the Singapore Exchange Securities Trading Limited.”

“The appropriate announcement of the tender offers shall be made by SMC Global Power in SGX-ST on even date,” SMC said in a disclosure. 

Tender offers will be conducted on the senior perpetual capital securities issued on April 25, November 5 in 2019; January 21 and October 21 in 2022; and June 9, 2021. 

SMCGP is eyeing around Php 215 billion in capital expenditures for its long-term investments.