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SMC GLOBAL Power, a leading local power generation firm led by conglomerate San Miguel Corp., has raised $300 million from an issuance of new offshore perpetual bonds. The perpetual bonds were

SMC issues $300M perpetual bonds at 6.75% per annum | Inquirer Business .rll-youtube-player, [data-lazy-src]{display:none !important;} July 10, 2022 News Global Nation Business Lifestyle Entertainment Technology Sports opinion USA & Canada bandera CDN Digital Pop Preen Noli Soli Scout PH Videos F&B Esports Multisport Mobility Project Rebound Advertise FOLLOW US: News global nation business lifestyle entertainment technology sports opinion MOBILITY JOB MARKET STOCK EXCHANGE PROPERTY GUIDE COLUMNS STOCK MARKET QUARTERLY CLASSIFIEDS PROJECT REBOUND business / SMC issues $300M perpetual bonds at 6.75% per annum By: Doris Dumlao-Abadilla - Business Features Editor / @philbizwatcher Philippine Daily Inquirer / 07:30 AM August 20, 2015 SMC GLOBAL Power, a leading local power generation firm led by conglomerate San Miguel Corp., has raised $300 million from an issuance of new offshore perpetual bonds. The perpetual bonds were priced to yield 6.75 percent per annum until 5.5 years, during which the power generation firm will have the option to redeem the securities or otherwise pay a higher rate, banking sources said on Wednesday night. ADVERTISEMENT Investors from Asia gobbled up the lion’s share of the perpetual securities deal at 87 percent, with Europeans taking the remaining 13 percent, parent firm SMC said in a disclosure to the Philippine Stock Exchange on Thursday. This marks SMC Global Power’s return to the offshore bond market after raising last year $300 million from a 7.5-percent per annum perpetual bonds which are not redeemable until 5.5 years. FEATURED STORIES BUSINESS BPI vows to resolve transaction duplication issue ‘within the day’ BUSINESS What happened to BPI transactions on Dec 30-31 BUSINESS BIZ BUZZ: Unsung hero For this new issuance, if the bonds are not redeemed by 5.5 years, SMC Global Power will have to pay bond holders 250 basis point more than the original coupon rate. ANZ, Bank of America Merrill Lynch, DBS Bank Ltd., Deutsche Bank, HSBC, ING, Mizuho Securities and UBS arranged this transaction. The issuance is a “Regulation S (Reg S) ” US benchmark undated subordinated capital securities, which meant they were sold to global investors outside the United States. For investors, perpetual securities function like dividend-paying stocks or preferred shares as interest is paid for as long as these are held by investors. They offer a predictable source of income for the holder. SMC Global Power is the country’s largest independent power company by installed capacity, supplying 22 percent of the Luzon grid and 17 percent of the national grid. Read Next US stocks drop on worries about China, low oil prices EDITORS' PICK New year, new phone! Score the Y15A at its lowest price ever Duplicate transactions problem solved, says BPI Ex-officials of DA, SRA in sugar importation mess absolved Abalos seeks courtesy resignation of all PNP colonels, generals amid possible drug links House energy committee chair Arroyo bats for cheap electricity These 2023 home trends will add satisfaction and function without sacrificing style MOST READ LIST: Class suspensions for January 4, 2023, due to bad weather  Double whammy: Two LPAs to bring widespread rain to PH— Pagasa Marcos Jr. reorganizes key offices in Malacañang McCoy de Leon pens message to daughter with Elisse Joson: ‘Pasensya na kung ‘di nakaya ni daddy’ Don't miss out on the latest news and information. View comments Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000. TAGS: SMC, SMC Global Power For feedback, complaints, or inquiries, contact us. EDITORS' PICK MOST READ technology New year, new phone! Score the Y15A at its lowest price ever business Duplicate transactions problem solved, says BPI newsinfo Ex-officials of DA, SRA in sugar importation mess absolved newsinfo Abalos seeks courtesy resignation of all PNP colonels, generals amid possible drug links newsinfo House energy committee chair Arroyo bats for cheap electricity business These 2023 home trends will add satisfaction and function without sacrificing style newsinfo LIST: Class suspensions for January 4, 2023, due to bad weather  January 04, 2023 newsinfo Double whammy: Two LPAs to bring widespread rain to PH— Pagasa January 04, 2023 newsinfo Marcos Jr. reorganizes key offices in Malacañang January 04, 2023 entertainment McCoy de Leon pens message to daughter with Elisse Joson: ‘Pasensya na kung ‘di nakaya ni daddy’ January 04, 2023 newsinfo Ex-officials of DA, SRA in sugar importation mess absolved January 04, 2023 sports Ginebra comes back to stun Bay Area for 2-1 lead in PBA Finals January 04, 2023 Curated business news SIGN ME UP By providing an email address. 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