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Philippines' SM Investments plans up to PHP 7 billion five-year notes
By Marisa Wong
Madison, Wis., Feb. 3 - SM Investments Corp. announced that it will now issue up to PHP 7 billion of five-year fixed-rate corporate notes to institutional lenders.
The company had said previously that it would issue up to PHP 5 billion of the notes.
Interest will be fixed at 50 basis points above the PDS Treasury (PDST-F) rate.
ING Bank NV, Manila Branch is the lead manager and bookrunner for the notes.
Proceeds will be used to refinance the company's PHP 4.3 billion of series 1 redeemable preferred shares due 2012.
The Pasay City, Philippines-based company owns and develops commercial properties in the retail and tourism sectors.
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