By Marisa Wong
Morgantown, W.Va., July 12 – SM Prime Holdings, Inc. priced PHP 10 billion of 10-year series F retail bonds with a 4.2005% coupon, according to a press release.
The offering will run from July 13 to July 19, and the bonds will be issued on July 26.
According to the underwriters, the company has received strong demand for the retail bonds, the release said.
The joint issue managers, joint lead underwriters and joint bookrunners are BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp. and First Metro Investment Corp.
“The retail bond to be issued will sustain SM Prime’s development roadmap, which is geared towards provincial expansions mostly allotted on malls and offices developments. We remain optimistic on the huge growth potential in the provinces where large areas remain unserved,” SM Prime president Hans T. Sy said in the release.
Previously, the company said it obtained approval to issue PHP 60 billion of fixed-rate bonds over a period of three years to finance expansion projects. The company planned to offer up to PHP 5 billion of 10-year bonds in its first tranche, with an oversubscription option for up to PHP 5 billion of additional bonds.
The shopping mall and retail operator is based in Pasay City, Philippines.
| Issuer: | SM Prime Holdings, Inc.
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| Issue: | Retail bonds, series F
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| Amount: | PHP 10 billion
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| Maturity: | 10 years
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| Coupon: | 4.2005%
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| Underwriters: | BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp. and First Metro Investment Corp. (lead); East West Banking Corp., PNB Capital and Investment Corp. and United Coconut Planters Bank (participating)
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| Announcement date: | July 12
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| Offer period: | July 13-July 19
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| Settlement date: | July 26
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| Rating: | Philippine Rating Services Corp.: Aaa
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