Philippines' SM Prime Holdings issues PHP 5 billion five-year floaters

By Marisa Wong

Madison, Wis., March 24 - SM Prime Holdings, Inc. issued PHP 5 billion of five-year floating-rate notes, according to a form 17-C filed with the Philippine Securities and Exchange Commission.

First Metro Investment Corp. arranged the issue, which was fully subscribed to by Allied Bank, Bank of the Philippine Islands and Metropolitan Bank & Trust Co.

Proceeds will be used to fund ongoing capital expenditures and other general corporate requirements.

"The five-year floating rate notes [make up] SM Prime's first capital market issuance for 2011. The very positive response of financial institutions to the company's issuance manifests the market's confidence in SM Prime's creditworthiness, stability, and growth potential," said SM Prime president Hans T. Sy in the release.

Based in Pasay City, Philippines, SM Prime operates

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