MANILA, Philippines — SM Prime Holdings Inc., the property developer of the Sy Group, successfully raised P10 billion from its latest fixed rate bond offer.
The bonds were listed at the Philippine Dealing & Exchange Corp. (PDEx) through a virtual ceremony.
Proceeds of the retail bonds will allow SM Prime to continue its expansion plans in its core business, which will further drive the company’s growth.
The peso-denominated fixed rate bonds Series M 2023 bonds had a rate of 2.4565 percent while Series N 2026 bonds had a rate of 3.8547 percent.
The issuance marks the second drawdown from SM Prime’s P100 billion debt securities program registered under the SEC’s shelf registration program.
SM Prime tapped BDO Capital & Investment Corp. and China Bank Capital Corp. as joint lead underwriters along with other underwriters such as BPI Capital, First Metro Investment Corp. and SB Capital Investment Corp.
Similar to its previous bond issues, the SM Prime Series M and N bonds received the highest ratings from Philippine Rating Services Corp. (PhilRatings), a local debt watcher.
The issue has been rated PRS Aaa, the highest rating assigned by PhilRatings.
This rating is given to long-term debt securities with the smallest degree of investment risk. This also indicates SM Prime’s strong capability to meet its financial commitment.
Moving forward, SM Prime remains committed to its role as a catalyst for economic growth through its different residential, office and commercial projects as well as through its mall developments.