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Brix Lelis - The Philippine Star
April 29, 2026 | 12:00am
The power arm of conglomerate San Miguel Corp. said the issuance consisted of a base offer of P20 billion and an oversubscription option of up to P10 billion.
Businessworld / File
MANILA, Philippines — San Miguel Global Power Holdings Corp. (SMGP) has raised P30 billion through a fixed-rate bond offering, with proceeds initially disbursed for solar and hydro investments.
The power arm of conglomerate San Miguel Corp. said the issuance consisted of a base offer of P20 billion and an oversubscription option of up to P10 billion.
The offering included 5.25-year Series N bonds due 2031 with a coupon rate of 7.6264 percent, seven-year Series O bonds due 2033 at 7.8682 percent and 10-year Series P bonds due 2036 at 8.1761 percent.
Of the total proceeds, SMGP allocated around P4.5 billion to costs related to its solar and hydroelectric projects, including payments to suppliers, service providers, contractors and taxes.
About P6.9 billion, meanwhile, was used to refinance outstanding debt obligations.
As of April 24, the remaining net proceeds stood at P18.56 billion, company data showed.
The Securities and Exchange Commission approved SMGP’s bond offering last month, allowing the country’s second-largest power producer to return to the debt market.
SMGP tapped Bank of Commerce, BDO Capital & Investment Corp. and China Bank Capital Corp. as joint issue managers for the transaction.
They worked alongside Land Bank of the Philippines, Philippine Commercial Capital Inc. PNB Capital and Investment Corp. and Security Bank Capital Investment Corp. as joint lead underwriters and bookrunners.
SMGP, led by tycoon Ramon Ang, is among the companies vying for the government’s highly anticipated coal auction, which includes the contract to operate the country’s largest coal mining site long operated by the Consunji Group.
However, the bidding process hit a snag after the Department of Energy postponed the April 28 deadline for the submission and opening of bid documents “until further notice.”
The move aims to ensure that all issues raised by prospective bidders are fully addressed before announcing the revised deadline, as first reported by The STAR.
