SM Prime plans P100 billion bond offer
MANILA, Philippines — SM Prime Holdings Inc. plans to issue up to P100 billion worth of bonds in the next three years.
The bonds to be issued are under the shelf registration program with the Securities and Exchange Commission.
SM Prime will issue an initial P15 billion worth of Series K Bonds and Series L Bonds, with an oversubscription option of up to P5 billion at 100 percent of the face value, based on documents submitted to the SEC.
The bond program has already been approved by the SEC.
The Series K Bonds will mature in five years while the Series L Bonds will be due seven years from the issue date. Indicative rates for the five year bonds are 4.7 percent to five percent and 4.85 percent to 5.15 percent for the seven year bonds.
The offer period will run from March 2 to 6.
Proceeds will be used primarily to finance capital expenditures for new malls and expansion projects.
The company tapped BDO Capital & Investment Corp., China Bank Capital Corp., BPI Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters for the offer.
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