SM Investments Corp. and its property development arm SM Prime Holdings Inc. are looking to the European bond market to raise funds to bankroll continued expansion and sustain growth.
In identical disclosures made separately, SM Investments and SM Prime said their respective units SMIC SG Holdings Pte. Ltd. and SMPHI SG Holdings Pte. Ltd. have jointly updated their USD3.0 billion multi-issuer European Medium Term Note (EMTN) program.
By modifying the EMTN borrowing program, SM Investments and SM Prime will be able tap the offshore bond market to finance expansion plans.
Just last month, SM Prime unveiled plans to invest P100 billion this year on expectations of a sustained growth in consumer demand and corporate activity while SM Investments had said capital expenditures this year is expected to be around P115 billion.
SMIC in July raised USD500 million from the first tranche of its EMTN program.
