MANILA, April 30 Philippine conglomerate San
Miguel Corp's power unit drew a final order book of $1
billion for its perpetual bond issue, more than three times its
offer, IFR reported on Wednesday.
SMC Global Power Holdings Corp offered $300 million worth of
5.5-year perpetual bonds priced at par to yield 7.50 percent,
said IFR, a Thomson Reuters unit.
Fund managers bought 47 percent of the bonds, while 42
percent went to private banks, 8 percent to banks and 3 percent
to insurance companies, IFR said.
Asian investors bought 86 percent of the bonds and Europeans
purchased the rest.
Bank of America Merrill Lynch, Credit Suisse, DBS Bank,
Deutsche Bank, HSBC, Mizuho Securities and Standard Chartered
Bank managed the issue.
San Miguel was previously looking to raise about $1 billion
from the sale of a 49 percent stake in SMC Global, the
Philippines' biggest power producer, to cornerstone investors
and via an initial public offering.
The planned IPO was shelved several times due to
unfavourable market conditions, but San Miguel President Ramon
Ang in January said he wanted the offer launched this year.
Last September, San Miguel said it had shelved SMC Global's
IPO and would instead seek to raise $700 million from the debt
market to fund expansion.
SMC Global had sought funding for two coal-fired power plant
projects with a combined generation capacity of 600 megawatts.
(Reporting by Neha D'Silva of IFR in Hong Kong and Erik dela
Cruz in Manila; Editing by Richard Borsuk)