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Successful offering of undated subordinated capital securities by one of the largest power companies in the Philippines indicates continued investor confidence in the country and its power sector.

The international law firm Milbank, Tweed, Hadley & McCloy advised seven leading international banks, as joint lead managers and joint bookrunners, on the US$300 million undated subordinated capital securities offering by SMC Global Power Holdings Corp., a wholly-owned subsidiary of San Miguel Corporation and one of the largest power companies in the Philippines.

James Grandolfo
James Grandolfo

The joint lead managers and joint bookrunners on the transaction were BofA Merrill Lynch, Credit Suisse, DBS Bank Ltd., Deutsche Bank, HSBC, Mizuho Securities and Standard Chartered Bank.

This transaction was the third ever perpetual capital securities offerings by a Filipino issuer.  The highly successful fund raising will further strengthen SMC Global Power’s financial position and ability to continue its expansion in the power sector in the Philippines.

Global Securities partner James Grandolfo commented, “We are extremely pleased to have been able to assist SMC Global Power on this important fund raising exercise.  The high level of investor interest in the transaction is a strong indication of confidence in the Philippines, its power sector and the prospects of SMC Global Power.  Given the success of the deal, we expect other Philippine corporate issuers to consider corporate hybrid transactions as a means of fundraising in the future.”

The Milbank team was led by partner James Grandolfo, supported by special counsel Paul Pery and senior associate Jessica Zhou.