MANILA -SM Prime Holdings Inc., Sy-led property developer, listed on Tuesday more than P30 billion in new retail bonds on the Philippine Dealing and Exchange Corp. (PDEx).
The bonds, which were offered on May 8 to 12, had a base offer of P25 billion. It is the fifth tranche from the company’s P100-billion debt securities shelf registration.
The transaction comprised fixed rate bonds series S bonds due 2025 at 6.2069 percent interest rate; series T bonds due 2027 at 6.2151 percent; and series U due 2029 at 6.3275 percent.
Sterling credit rating
The bond offering was rated PRS Aaa, the highest rating being assigned by the Philippine Rating Services Corp.
“The success of this latest fixed rate bonds will give SM Prime further capabilities to pursue its expansion programs of creating more opportunities for more Filipinos to build a better nation,” SM Prime chief finance officer John Nai Peng Ong said.
The company previously said they were earmarking P80 billion for capital expenditures in 2023.
The transaction was arranged by BDO Capital & Investment Corp. and China Bank Capital Corp., which are also joint book runners and joint lead underwriters along with BPI Capital Corp., EastWest Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp.
Meanwhile, SM Prime is also planning to launch a real estate investment trust (REIT) in the second half via a $1-billion initial public offering.
The property developer, whose portfolio includes 82 shopping malls in the country, has yet to pinpoint which assets will be included in the REIT.
—Tyrone Jasper C. Piad INQ
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