SMC Global Power Holdings Corp. issued additional securities amounting to $150 million to bankroll its investments in a gas power project.

In a disclosure to the Philippine Dealing & Exchange Corp., the subsidiary of San Miguel Corp. (SMC) said it issued senior perpetual capital securities worth $150 million.

SMC Global Power said "approval in-principle" has been obtained from the Singapore Exchange Securities Trading Ltd. (SGX-ST) for the listing and quotation of the perpetual securities.

These additional securities, which carry an initial rate of distribution of 5.45 percent per annum, were expected to be admitted to the official list of SGX-ST on September 16.

The company earlier said net proceeds of the securities issuance shall be used primarily for investments in the 1.313.1-megawatt (MW) combined cycle power plant in Batangas and related assets or for general corporate purposes.

For this transaction, SMC Global Power commissioned Standard Chartered Bank and Mizuho Securities Asia Ltd. as joint lead managers and DB Trustees (Hong Kong) Ltd. as trustee.

Deutsche Bank AG, Hong Kong Branch and Latham & Watkins served as paying agent and listing agent, respectively.

SMC Global Power earlier said the additional securities would be consolidated with its existing $600 million senior perpetual capital securities issued in June and form a single series.

The firm previously bared its plans to inject more renewables into its power portfolio utilizing technologies that will significantly cut its carbon footprint while continuously addressing the country's need for reliable and affordable power.

With that, it was moving away from coal-fired power projects in favor of renewable energy and gas projects.