ANG-LED San Miguel Global Power Holdings Corp. (SMGP) has received approval from the Securities and Exchange Commission (SEC) to proceed with a bond offering ofANG-LED San Miguel Global Power Holdings Corp. (SMGP) has received approval from the Securities and Exchange Commission (SEC) to proceed with a bond offering of

SMGP gets SEC nod for up to P30-B bond offer

2026/03/18 00:05
2 min read
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ANG-LED San Miguel Global Power Holdings Corp. (SMGP) has received approval from the Securities and Exchange Commission (SEC) to proceed with a bond offering of up to P30 billion.

In a statement on Tuesday, the SEC said its Commission En Banc approved SMGP’s registration statement covering P20 billion in fixed-rate bonds, with an oversubscription option of up to P10 billion.

The issuance remains subject to the company’s compliance with certain remaining requirements, the regulator said.

The bonds consist of 5.25-year Series N bonds due 2031, seven-year Series O bonds due 2033, and 10-year Series P bonds due 2036, and will be offered at face value.

If the oversubscription option is fully exercised, SMGP could raise as much as P29.64 billion from the offering. The proceeds will be used to refinance existing debt and partially fund the company’s renewable energy projects.

Based on the latest timeline submitted to the SEC, the offer period is scheduled from March 30 to April 10, with listing on the Philippine Dealing & Exchange Corp. set for April 17.

SMGP has appointed Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp. as joint issue managers. They will join Land Bank of the Philippines, Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. as joint lead underwriters and bookrunners.

SMGP is the power generation arm of San Miguel Corp. (SMC), led by Ramon S. Ang. The company is among the country’s largest power producers, with a diversified portfolio that includes natural gas, coal, hydroelectric power, and battery energy storage systems. — Sheldeen Joy Talavera

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