Philippines-based San Miguel Global Power Holdings Corporation (SMGP) has announced plans to raise USD300 million through the issuance of US dollar-denominated senior perpetual capital securities on the Singapore Exchange.
The funds will be used specifically for pre-development costs related to SMGP’s solar energy projects, with no allocation towards coal-fired power plants. The issuance is favourable market conditions, and SMGP has enlisted several banks, including ANZ, DBS, Mizuho Securities, and Standard Chartered, as joint lead managers. The exact timing of the offering has yet to be disclosed.