Milbank LLP advised Bank of America Merrill Lynch, Credit Suisse and UBS as joint lead managers and underwriters in connection with the additional issuance of US$300 million senior perpetual securities by SMC Global Power Holdings Corporation (“SMC Global Power”). The additional securities are listed on the Singapore Exchange Securities Trading Limited (SGX-ST).
SMC Global Power is one of the largest power companies in the Philippines operating a total capacity of 2,903 MW representing 17% of the national grid of the Philippines. SMC Global Power is a member of the San Miguel Corporation group of companies, one of the Philippines’ largest and most diversified conglomerates.
The issuance was a tap of an existing series of senior perpetual securities issued by SMC Global Power on April 25, 2019, which raised US$500 million. SMC Global Power will use proceeds for investments in power-related assets, debt refinancing and general corporate purposes.
The Hong Kong-based Milbank team was led by partner James Grandolfo with counsel Paul Pery and associate York Wu.
Mr. Grandolfo said: “This additional issuance attests to the strong investor demand for the securities originally issued by SMC Global Power in April. We are pleased to have been involved in the issuance and look forward to continuing to advise our clients in Southeast Asia on power financings as the dynamic sector continues to attract strong investor interest.”
