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Philippines' SM Investments is offering PHP 10 billion bonds to July 6
By Marisa Wong
Madison, Wis., June 27 - SM Investments Corp. said it formally launched its PHP 10 billion two-tranche retail bond offering on Wednesday, following final approval from the Philippine Securities and Exchange Commission.
The offer period will end on July 6, and the series C and series D bonds will be issued on July 16, according to a press release.
As previously reported, the offering will have a PHP 5 billion oversubscription option.
SM Investments recently set the interest rates for the series C seven-year bonds and series D 10-year bonds at 6% and 6.9442%, respectively.
BDO Capital & Investment Corp., BPI Capital Corp., China Banking Corp., and First Metro Investment Corp. are the joint lead underwriters for the offering. BDO Capital and First Metro are also acting as co-lead managers. According to a previous announcement, there are seven other participating underwriters for the bond issue.
The company's board of directors approved the proposed issuance of up to PHP 10 billion of fixed-rate retail bonds in April.
This is SM Investments' second offering of peso-denominated bonds to the public. It follows the company's PHP 5 billion maiden bond issue in 2009, which was upsized to PHP 10 billion due to strong investor demand.
As noted before, the current issue has been rated Aaa by Philippine Rating Services Corp.
Proceeds will be used to partially finance the company's capital expenditure requirements for the next five years and for general corporate purposes.
The Pasay City, Philippines-based company owns and develops commercial properties in the retail and tourism sectors.
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