SMC Global Power’s $300 Million Senior Perpetual Securities Offering

Milbank 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 (Picture) with counsel Paul Pery and associate York Wu.

Involved fees earner: James Grandolfo – Milbank; Paul Pery – Milbank; York Wu – Milbank;

Law Firms: Milbank;

Clients: Bank of America Merrill Lynch; Credit Suisse International; UBS;