The San Miguel Corp. has yet another capital-raising exercise this year to help refinance existing debt. This time around, the sale of peso-denominated bonds by its power generation arm. At least P15 billion will be raised through sales of fixed-rate bonds with tenors of five, seven, and ten years.
The bond sale proceeds will be used to refinance short-term loans provided by BDO Unibank, Inc. The loan funded the redemption of the $300-million corporate notes that will mature this year. SMC Global Power is among the country’s largest power companies, controlling 2,903 megawatts of combined contract capacity across diverse fuel sources.
