SM Prime P100-B bond clears SEC
The bonds will be offered at face value from 7 to 14 June, according to the latest timeline submitted to the SEC
Daily TribuneThe bonds will be offered at face value from 7 to 14 June, according to the latest timeline submitted to the SEC
SM Prime Holdings Inc., a Sy-led integrated property developer, has received the approval of the Securities and Exchange Commission (SEC) to launch a shelf registration program.
The program is likely to generate P24.72 billion for SM Prime, which will help the company manage its debt payments and fund the expansion of its property portfolio.
The SEC said on Thursday that it “considered favorably” the shelf registration of SM Prime for up to P100 billion of fixed-rate bonds.
In its meeting on 23 May, 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 its compliance with certain remaining requirements.
P20B in first tranche
For the first tranche, SM Prime will offer to the public up to P20 billion of three-year Series V bonds, five-year Series W bonds, and seven-year X bonds, with an oversubscription option of up to P5 billion.
The bonds will be offered at face value from 7 to 14 June, according to the latest timeline submitted to the SEC.
They will subsequently be listed on the Philippine Dealing & Exchange Corp.
SM Prime tapped BDO Capital & Investment Corp. and China Bank Capital Corp. as the joint issue managers for the offer.
They will join 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.
SM Prime is scheduled to open four new malls this year, including SM City Caloocan, SM City J Mall in Mandaue, Cebu, SM City San Fernando La Union and SM City Laoag.
