Philippines’ SM Prime sets coupons for upcoming PHP 15 billion bonds

By Marisa Wong

Madison, Wis., Aug. 11 – SM Prime Holdings, Inc. announced the interest rates for its planned issue of retail bonds.

The company will offer 5˝-year series A bonds with a coupon of 5.1%, seven-year series B bonds with a coupon of 5.2006% and 10-year series C bonds with a coupon of 5.7417%, according to a press release.

The company is looking to issue a total of PHP 15 billion of series A, B and C bonds with an option to issue up to an additional PHP 10 billion of bonds.

The offer period will run from Aug. 13 to Aug. 22. Settlement is slated for Sept. 1.

The joint issue managers and joint bookrunners are BDO Capital & Investment Corp. and First Metro Investment Corp., and the joint lead underwriters are BDO Capital & Investment Corp., BPI Capital Corp., China Banking Corp. and First Metro Investment Corp. Land Bank of the Philippines, Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., RCBC Capital Corp., SB Capital Investment Corp. and United Coconut Planters Bank are other participating underwriters for the bond issue.

This will be the company’s first time tapping the debt market for fundraising after its merger with the other property companies under the SM Group, according to a prior news release.

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

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