The company is targeting 16 mall redevelopments, 14 new projects, and five flagship openings by 2030, with this year’s capital spending supporting these developments.
SM Prime Holdings Inc. is eyeing to raise P17 billion from its issuance of peso-denominated fixed rate bonds, including an oversubscription option of P5 billion, as it undertakes aggressive retail expansion.
PHOTOGRAPH COURTESY OF SM Prime
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Sy-led property developer SM Prime Holdings Inc. (SM Prime) is expecting to raise up to P17 billion from its latest issuance of peso-denominated fixed rate bonds, including an oversubscription option of P5 billion, to fund ongoing projects and enhance its financial flexibility.
The company told the local bourse on Wednesday that it has already set interest rates at 5.9096 percent for Series AB due 2030, 6.0858 percent for Series AC due 2032, and 6.2855 percent for Series AD due 2035.
The offer period for the bonds will run from 3 to 7 November.
Rated PRS Aaa
Similar to its previous bond issues, all three series have been rated PRS Aaa by Philippine Rating Services Corporation (PhilRatings).
The rating, the highest assigned by PhilRatings, denotes “that such obligations are of the highest quality with minimal credit risk and the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.”
The issuance represents the third tranche under SM Prime’s P100-billion Shelf Registration of Fixed Rate Bonds approved by the Securities and Exchange Commission under SEC MSRD Order No. 46, series of 2024 on 6 June.
SM Prime targets 16 mall redevelopments, 14 new projects and five flagship openings by 2030, with this year’s P100-billion capital spending supporting these developments.
