Holders of the 5.95 percent Senior Perpetual Capital Securities (issued Nov. 5, 2019), 7.00 percent Senior Perpetual Capital Securities (issued Oct. 21, 2020), and 5.70 percent Senior Perpetual Capital Securities (issued Jan. 21, 2020) are invited to swap their securities for new US dollar-denominated Senior Perpetual Capital Securities.
There’s also an option for holders of the 5.95 percent and 7.00 percent securities to cash out through tender offers.
For the 5.95 percent and 7.00 percent securities, there’s no cap on the amount accepted for exchange, so everyone who wants to exchange will be accommodated.
Meanwhile, the 5.70 percent securities have a $100 million cap, and pro-ration may be applied if offers go beyond that limit.
Dates to remember
The deal was formally launched last November 14 and is set to expire on November 22 this year.
Meanwhile, the new securities will be priced on November 25.
Debt management
“The offers are being undertaken by the offeror as part of a proactive approach to the strategic management of its capital structure,” San Miguel Global Power Holdings stated in the offer summary.
“Any existing securities accepted for exchange pursuant to the exchange offers or purchased pursuant to the tender offers will be canceled,” it added.
Sodali & Co. is the exchange and tender agent, which has offices in London, the United States, Hong Kong and Manila.
The offer is being managed by Australia and New Zealand Banking Group Ltd., DBS Bank Ltd., Deutsche Bank AG-Singapore Branch, Mizuho Securities Asia Ltd., and Standard Chartered Bank.
