SEC clears SM's P30B new bond program | Inquirer Business
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SEC clears SM’s P30B new bond program

/ 02:39 PM September 17, 2020

The Securities and Exchange Commission has cleared a P30 billion bond offering program planned by the country’s largest conglomerate, SM Investments Corp. (SMIC) for the next three years.

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The first tranche of the offering is worth a maximum of P10 billion, including an option to upsize by P5 billion, the SEC said in a press statement on Thursday.

The first tranche will comprise 3.5 year bonds due 2024 to be issued in minimum denominations of P20,000, and in multiples of P10,000 thereafter.

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The bonds are expected to be listed and traded on the Philippine Dealing & Exchange Corp.

Net proceeds from the offer, estimated at P9.89 billion, will be used by SMIC – the country’s leading player in the property, banking and retailing businesses – to refinance existing debt obligations.

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TAGS: SM, SM Investments Corp.
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