Conglomerate San Miguel Corp. (SMC) on Thursday said its power generation unit, SMC Global Power Holdings Corp., has raised $ 300 million after successfully pricing its subordinated capital securities.
The net proceeds of the 5.5-year subordinated capital securities will be used to fund investments in power-related assets, including greenfield power projects and general corporate purposes.
Following investors meeting in Singapore and Hong Kong as well as calls with investors in London, the SMC Global Power launched and subsequently priced the deal at 6.750 percent, it told the local bourse.
SMC said majority of the deal went to Asia at 87 percent, while European investors took the remaining 13 percent.
The joint lead managers and joint bookrunners on the transaction were ANZ, BofA Merrill Lynch, DBS Bank Ltd., Deutsche Bank, HSBC, ING, Mizuho Securities and UBS. (PNA)