SM Investments Corp. launched Wednesday an offering of P10 billion worth of retail bonds to fund the firm’s expansion of office and hotel property businesses.
In a statement, SMIC said the offering of seven- and 10-year bonds, which can be increased to P15 billion, would run until July 6 this year. The launch came after the company obtained final approval from the Securities and Exchange Commission (SEC).
The fixed-rate bonds are being issued in two tranches: series-C with a maturity of seven years and a coupon rate of 6 percent and series-D with a maturity of 10 years and a coupon rate of 6.9442 percent.
The bonds will be issued in scripless form in minimum denominations of P20,000 each and in multiples of P10,000 thereafter.
The SMIC bonds carry a triple-A rating from Philippine Ratings Services Corp.