SMIC lists first P10B of debt program | Inquirer Business
Close  

SMIC lists first P10B of debt program

/ 04:36 AM October 03, 2020

The Sy family’s flagship holding company SM Investments Corp. (SMIC) announced the listing of P10 billion worth of bonds in the country’s fixed-income exchange, part of a running program to manage long-term debt.

SMIC said the notes, priced at 3.36 percent per year and with maturity on April 2, 2024, are now tradable on the Phili­ppine Dealing and Exchange Corp.

ADVERTISEMENT

The company said proceeds from the issuance would be used to refinance its loans.

These formed part of a P30-billion debt program under long-term registration with the Securities and Exchange Commission.

FEATURED STORIES

The SM Group joins other Philippine corporations that have tapped the debt market to secure funding while interest rates remain low.

For its issuance, SMIC tapped banking units via China Bank Capital and BPI Capital apart from First Metro Investment Corp. and Security Bank Capital.

SMIC is the holding company of the group’s core businesses in property, banking and retail.

In the first semester of 2020, SMIC saw net income drop 69 percent year-on-year to Px7.1 billion amid the economic downturn triggered by the COVID-19 pandemic. Its total revenues dropped by 21 percent year-on-year to P185.5 billion during the same period.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: SM Investments Corp., SMIC
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.