SEC approves SM Prime's P100-billion bond program

SEC approves SM Prime’s P100-B bond program

/ 04:40 PM May 23, 2024

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the shelf registration of SM Prime Holdings Inc. for up to P100 billion in fixed-rate bonds.

In its meeting on May 23, the Commission En Banc resolved to render effective the registration statement for the company’s peso-denominated bonds, which can be offered in one or more tranches, subject to compliance with certain remaining requirements.

For the first tranche, SM Prime will offer up to P20 billion to the public in three-year Series V bonds, five-year Series W bonds, and seven-year Series X bonds, with an oversubscription option of up to P5 billion.


Net proceeds from the offer could reach P24.72 billion, assuming the overallotment option is fully exercised. The funds will be used to refinance the listed company’s debt and expand its property portfolio.


READ: SM Prime sets P25-B bond sale for expansion, debt refinancing

The bonds will be offered at face value from June 7 to 14, according to the timeline submitted by the company to the SEC. They will subsequently be listed on the Philippine Dealing & Exchange Corp.

SM Prime has appointed BDO Capital & Investment Corp and China Bank Capital Corp as the joint issue managers for the offer.

They will be joined by BPI Capital Corp, East West Banking Corp,  First Metro Investment Corp, Land Bank of the Philippines, and SB Capital Investment Corp as joint lead underwriters and bookrunners.

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This article was generated with the aid of artificial intelligence and reviewed by an editor.

TAGS: AI Generated Content, SEC, SM Prime

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