The Securities and Exchange Commission has approved a plan by leading local conglomerate SM Investments Corp. (SMIC) to sell as much as P50 billion worth of retail bonds under the three-year shelf registration window.
The initial tranche of SMIC’s bond offering will have an offering size of as much as P20 billion, consisting of P15 billion seven-year bonds plus P5 billion to cover the oversubcription option, based on SEC documents.
The target is to launch the offering on Nov. 23 until Nov. 29.
The SEC’s shelf registration mechanism allows an issuer like SMIC to register and sell under the same prospectus and other regulatory filing requirements a certain volume of securities that the issuer does not intend to use up right away.
Outside of its core banking (BDO Unibank and China Bank), property (SM Prime) and retailing businesses (SM Retail), SMIC has interests in mining (Atlas Consolidated Mining) and community mall development (as an investor in DoubleDragon Properties’ flagship subsidiary CityMall Commercial Centers Inc.).