SMIC P15 billion bond sale gets SEC approval

MANILA, Philippines — SM Investments Corp. (SMIC), the listed conglomerate of the Sy Group, is now ready for its P15 billion retail bond offer.

This forms part of a P30 billion debt program shelf registered with the Securities and Exchange Commission (SEC).

The SEC has already issued the certificate of permit to offer securies for sale for the issuance.

The company has set the interest rate for the second tranche Series I 2025 bonds at 3.5915 percent and 4.7713 percent for the Series J 2027, five-year retail bonds.

The offer period for the second tranche bonds commenced yesterday and will run until Feb. 11.

Net proceeds from the issuance would be used to refinance its existing debt obligations and for general corporate purposes, SMIC said in a statement.

SMIC said it would continue with its expansion and construction of malls, residential and commercial properties, as well as the opening of new retail stores across its various formats, mainly in the retail food group, and selectively in the retail non-food group.

The listed conglomerate expects its businesses to return to pre-pandemic level of operations in the next two to three years.