Philippines’ SM Prime sets coupons for five-, seven-, 10-year bonds

By Marisa Wong

Los Angeles, April 5 – SM Prime Holdings Inc. announced it set the interest rates for its upcoming series P, Q and R peso-denominated retail bonds at 5.6141%, 6.1175% and 6.5432%, respectively.

SM Prime is offering PHP 15 billion of the series P, Q and R bonds, with maturities of five, seven and 10 years, respectively. The offering includes an up to PHP 15 billion over-subscription option.

The bonds will be offered from April 7 to April 13 and will be issued on April 22, according to a Tuesday press release.

The joint issue managers are BDO Capital & Investment Corp. and China Bank Capital Corp., which are also joint bookrunners and joint lead underwriters together with BPI Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp.

“SM Prime will use the proceeds of these latest retail bonds issuance to pursue the expansion plans set for the company’s property portfolios, including malls, residential developments, offices, and hotels, which will drive further growth to the company as well as to the communities we serve,” chief finance officer John Nai Peng C. Ong said in the release.

The proposed issuance will be the fourth tranche under the company’s PHP 100 billion bond program approved by the Philippine Securities and Exchange Commission in February 2020.

The shopping mall and retail operator is based in Pasay City, Philippines.

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