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Brix Lelis - The Philippine Star
January 15, 2026 | 12:00am
This photo shows a picture of U.S. Dollars.
STAR / Edd Gumban, file
MANILA, Philippines — The power arm of tycoon Ramon Ang’s San Miguel Corp. is set to return to the offshore debt market to raise up to $300 million from the issuance of senior perpetual capital securities.
In a filing with the Philippine Dealing and Exchange Corp., San Miguel Global Power Holdings Corp. (SMGP) said its board of directors had approved the fund raising activity in a special meeting on Monday.
The securities will be listed on the Singapore Exchange Securities Trading Ltd.
Net proceeds from the planned transaction will be used to purchase, repurchase and redeem all outstanding senior perpetual capital securities issued by SMGP in January 2020.
The additional proceeds, meanwhile, will be allocated for the pre-development costs of SMGP’s solar and hydropower projects as well as to the financing of its battery energy storage systems.
“For the avoidance of doubt, net proceeds will not be applied in connection with any of the corporation and its subsidiaries’ existing and planned coal-fired power assets and liquefied natural gas assets,” SMGP said.
The SMGP board authorized the appointment of Standard Chartered Bank as sole lead manager.
DB Trustees (Hong Kong) Ltd. will serve as the trustee, while Deutsche Bank – Hong Kong branch will act as the principal registrar and paying, calculation and transfer agent.
Perpetual securities have no fixed tenors, unlike traditional bonds with maturity dates. This structure provides issuers like SMGP with greater financial flexibility.
Issuing securities with perpetual tenors is also advantageous for capital-intensive businesses and industries such as power that have long investment and payback periods.
SMGP, the Philippines’ second-largest power producer by market share, owns and operates a diversified portfolio of natural gas, coal and renewable energy projects.
