Philippines' SM Investments gets OK for up to PHP 10 billion bonds

By Jennifer Chiou

New York, May 29 - SM Investments Corp. announced that it has obtained approval from the Securities and Exchange Commission for an issue of PHP 5 billion of fixed-rate bonds with an up to PHP 5 billion over-allotment option.

The bonds will be issued in two tranches with a maturity of five or seven years.

BDO Capital & Investment Corp. is the lead underwriter and issue manager along with BPI Capital Corp., China Banking Corp., Union Bank of the Philippines and RCBC Capital Corp.

On April 3, the company's board authorized the sale of up to PHP 10 billion of bonds. The securities have a minimum investment value of PHP 20,000 per transaction.

The proceeds of the bonds will be used for expansion projects and for general corporate purposes.

The Pasay City, the Philippines, holding company has positions in retail and finance.

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