By Marisa Wong
Madison, Wis., Sept. 2 – SM Prime Holdings, Inc. said it upsized its retail bond issue to PHP 20 billion from an initial size of PHP 15 billion due to strong demand from both retail and institutional investors.
The issue consists of 5.1% series A bonds due 2020, 5.2006% series B bonds due 2021 and 5.7417% series C bonds due 2024.
BDO Capital & Investment Corp. and First Metro Investment Corp. were the joint issue managers and joint bookrunners and also joint lead underwriters together with BPI Capital Corp. and China Banking Corp. Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. acted as participating underwriters.
The offer period ran from Aug. 13 to Aug. 22. Settlement occurred on Monday.
Philippine Rating Services Corp. rated the bonds Aaa.
This is 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.
| Issuer: | SM Prime Holdings, Inc.
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| Issue: | Retail bonds
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| Amount: | PHP 20 billion
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| Underwriters: | BDO Capital & Investment Corp. and First Metro Investment Corp. (joint issue managers, joint bookrunners and joint lead underwriters); BPI Capital Corp. and China Banking Corp. (joint lead underwriters); Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. (participating underwriters)
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| Offer period: | Aug. 13 to Aug. 22
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| Settlement date: | Sept. 1
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| Rating: | PhilRatings: Aaa
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| Series A bonds
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| Maturity: | 2020
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| Coupon: | 5.1%
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|
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| Series B bonds
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| Maturity: | 2021
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| Coupon: | 5.2006%
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| Series C bonds
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| Maturity: | 2024
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| Coupon: | 5.7417%
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