By Angela McDaniels
Tacoma, Wash., Oct. 7 - SM Investments Corp. priced $186.3 million of 5½% bonds due 2017 at par, according to a company news release.
The company will also issue $213.7 million of the bonds in an exchange offer for its outstanding 6¾% bonds due 2013 and 6% bonds due 2014, bringing the total amount of new bonds to be issued to $400 million.
The company said that the new bonds carry the lowest coupon ever for a Philippine corporate bond issue.
Citigroup Global Markets Ltd. and Hongkong and Shanghai Banking Corp. Ltd. were the joint dealer managers and joint lead managers. BDO Capital & Investment Corp. was the joint dealer manager and co-manager.
The Pasay City, Philippines-based company owns and develops commercial properties in the retail and tourism sectors.
| Issuer: | SM Investments Corp.
|
| Issue: | Fixed-rate bonds
|
| Amount: | $400 million
|
| Maturity: | 2017
|
| Managers: | Citigroup Global Markets Ltd. and Hongkong and Shanghai Banking Corp. Ltd. (joint leads); BDO Capital & Investment Corp. (co-manager)
|
| Coupon: | 5½%
|
| Price: | Par
|
| Settlement date: | Oct. 13
|
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