SMC Global completes Singapore tender offer

MANILA, Philippines — SMC Global Power Holdings Corp. has completed its tender offer of perpetual bonds listed in Singapore, buying back 30 percent of the target.

SMC Global disclosed that it has accepted tenders from security holders amounting to $123.934 million on the Nov. 4 deadline.

The company was cleared by its board to buy back up to $400 million to the holders of its dollar-denominated senior perpetual capital securities listed with the Singapore Exchange Securities Trading Ltd.

SMC Global said payment for the settlement of tender offers is on Nov 9.

Tender offers were conducted on senior perpetual capital securities issued on April 25 and Nov. 5 in 2019, Jan. 21 and Oct. 21 in 2020, and June 9, 2021.

Merrill Lynch (Singapore) Pte. Ltd. was appointed as dealer manager for the tender offers and D.F. King was engaged as the information and tender agent.

SMC Global Power is the power arm of conglomerate San Miguel Corp.

Its mix of renewable and high-efficiency low-emission power plants provides the national grid with a reliable power supply.

The company has likewise poured significant investments in building the largest network of battery energy storage system (BESS) facilities in the country.

Last year, the company said it is investing over $1 billion to simultaneously build 31 BESS facilities nationwide for a total capacity of 1,000 megawatts (MW).

Last June, SMC Global Power completed putting up 500-megawatt-hour of installed power storage capacity coming from new BESS facilities it is putting up nationwide.

SMC Global Power’s BESS network is seen as key to ensuring reliable power supply nationwide, even in far-off areas.

It is designed to minimize wastage by storing and redistributing excess capacity to ensure even underserved regions can have the same sufficient, reliable electricity enjoyed by larger cities.

The facilities are likewise seen crucial to a wider use of renewable energy in the country.