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SMC Global Power sets tender offer for $400-M debt

SAN MIGUEL CORP. (SMC) has authorized its subsidiary to purchase debt amounting to $400 million in a tender offer of securities listed in Singapore.

In its disclosure on Wednesday, SMC said its unit SMC Global Power Holdings Corp. is set to conduct tender offers to its holders of the US-dollar-denominated senior perpetual capital securities.

In October 2020, the power generation arm of SMC tapped the Singapore bond market to raise up to $300 million to fund projects, which include its liquefied natural gas (LNG) terminal in Batangas.

In a press release on Oct. 21, SMC Global Power said that it would weather financial challenges following the decision of the Energy Regulatory Commission (ERC) to deny its petition for temporary relief from its fixed-rate power supply agreements with Manila Electric Co. (Meralco).

“We’re confident that we will be able to manage the company’s maturing obligations in 2023 and beyond. If necessary, there will be SMC parent support,” SMC President Ramon S. Ang said.

He assured bondholders that SMC Global Power “will continue to be fully compliant with its financial covenants at all times.”

Mr. Ang said that SMC has a sound strategy to manage its financial obligations, even if the company pursues its expansion and transition to battery energy storage and cleaner power technologies.

On Wednesday, shares in the company closed 0.46% higher at P98.45 apiece. — Ashley Erika O. Jose

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