SMC Global Power is Philippine's largest independent power company by installed capacity, supplying 22 percent of the Luzon grid and 17 percent of the national grid.
Conglomerate San Miguel Corp wholly owns the company.
The 6.75% bonds will step up by 250bp if not called on 2/21/2021 ,reset Rate = T5 + Initial Spread (5.169%) + Step-Up Margin (2.5%),and by a further 250bp if there is a change of control. Dividends can be deferred, but are cumulative.
The 7.5% bond will reset to UST 5yrs+8.375% if not called in 11/2019
SMC Global Power 6.75%pert 簡介
SMC Global 6.75% bond feature & price quote Link
In a relatively short period, San Miguel has built a vertically integrated power company with a full spectrum of power businesses comprising of IPPA contracts through holding company SMC Global Power Holdings. Being a vertically integrated power company gives SMC the opportunity to compete and maximize value in key segments of the value chain by driving and capitalizing on synergies among fuel sourcing, power generation and power distribution.