Philippines’ SMC Global Power gets go-ahead for PHP 15 billion bonds

By Marisa Wong

Morgantown, W.Va., June 22 – SMC Global Power Corp. said it received approval from the Philippine Securities and Exchange Commission to issue up to PHP 15 billion of bonds.

The bonds will have tenors of five, seven and 10 years.

Proceeds from the fixed-rate bonds will be used to refinance a short-term loan, as previously announced.

The power company is a wholly owned subsidiary of San Miguel Corp. The conglomerate is based in Mandaluyong City, Philippines.

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