SEC approves SMC Global's P15-B bond offer

The Securities and Exchange Commission (SEC) has approved the P15-billion retail bond offering of SMC Global Power Holdings Corp., San Miguel Corp.'s power generation unit.

According to a prospectus filed by SMC, the bond float consists of three P5-billion tranches falling due in 2012, 2013, and 2016.

The bonds will be listed on the Philippine Dealing and Exchange Corp.

SMC Global will use the proceeds of the bond sale to refinance the short-term loan from BDO Unibank Inc. that funded the $300 million notes falling due on July 25.

SMC Global hired BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital Investment Corp., RCBC Capital Corp., BPI Capital Corp., Maybank ATR Kim Eng Capital Partners Inc., SB Capital Investments Corp., Standard Chartered Bank, and United Coconut Planters Bank as joint managers, lead underwriters and bookrunners. – Ted Cordero/VDS, GMA News