Philippines' SM Investments plans bonds due 2017 alongside exchange

By Christine Van Dusen

Atlanta, Sept. 22 - Philippines-based SM Investments Corp. is planning to sell dollar-denominated fixed-rate bonds due 2017 for cash in addition to carrying out an exchange offer, according to a company announcement.

Citigroup and HSBC are joint lead managers and BDO Capital & Investment is co-lead manager for the notes.

Combining the exchange response and additional bonds sold for cash, SM Investments will issue at least $300 million and not more than $500 million of the securities.

The exchange ends on Oct. 5.

The new notes will be offered in exchange for the company's $350 million 6 ¾% notes due 2013 and $500 million 6% notes due 2014.

The transaction is intended to extend the maturity of some of the company's existing debt and to take advantage of "favorable market conditions."

Proceeds from any new bonds sold will be used for general corporate purposes.

SM Investments is a Pasay-based business conglomerate and developer with interests in retail, mall operations and banking.

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