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.
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