The Securities and Exchange Commission (SEC) has approved the shelf registration of shopping mall operator SM Prime Holdings Inc. for up to P100 billion in fixed-rate bonds.
The SEC rendered effective the registration of its peso-denominated bonds to be offered in one or more tranches subject to the compliance of remaining requirements.
In the initial tranche, SM Prime will offer up to P20 billion in three-year Series V bonds, five-year Series W bonds, and seven-year X bonds with an oversubscription option of up to P5 billion.
Net proceeds from the offer could total P24.72 billion, assuming the overallotment option is fully exercised. Proceeds will be used to expand its property portfolio and refinance the listed company’s debt.
The bonds will be offered at face value from 7 to 14 June. The bonds will be listed on the Philippine Dealing and Exchange Corp. for trading.
SM Prime tapped BDO Capital and Investment Corp. and China Bank Capital Corp. as joint issue managers. BDO and China Bank will join BPI Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines and SB Capital Investment Corp. as joint lead underwriters and bookrunners.
