SMIC raises $350M from offshore bond issue

MANILA, Philippines–Conglomerate SM Investments Corp. has raised $350 million from a fresh offering of 10-year US dollar-denominated bonds.

The $350 million senior unsecured bonds were priced at a fixed rate of 4.875 percent per annum, SMIC head of investor relations Cora Guidote said in a text message late Tuesday. The bonds were priced below the 5.125-percent initial price guidance for the 10-year offering. Citi and Standard Chartered Bank acted as joint lead managers and joint bookrunners.Proceeds from the offering are intended to be used for general corporate purposes, including refinancing of existing debts. The last time SMIC tapped the international bond market was in 2012 when it issued $500 million in seven-year bonds at a coupon rate of 4.25 percent per annum. SMIC is the dominant player in Philippine retailing, banking and property businesses. Property unit SM Prime Holdings Inc. is a leading property player in Southeast Asia in terms of market capitalization.