SM Prime Holdings, Inc. (SM Prime) has announced the interest rates for its Peso-denominated Fixed Rate Bonds, which are part of the company’s PHP100 billion Debt Securities Program.
The Series S bonds will have an interest rate of 6.2069% due in 2025 (2.5 years); the Series T bonds will have an interest rate of 6.2151% due in 2027 (4 years); and the Series U bonds will have an interest rate of 6.3275% due in 2029 (6 years).
The company has issued an aggregate principal amount of PHP25.0 billion, with an oversubscription option of an additional PHP10.0 billion.
The proceeds from the bond issuance will be used to support SM Prime’s expansion plans and strengthen its foothold in key areas of the country. SM Prime Chief Finance Officer John Nai Peng C. Ong said the company is committed to delivering sustainable developments across the Philippines that aim to improve the lives of many Filipinos.
Philippine Rating Services Corporation (PhilRatings) has rated the Series S, T, and U bonds PRS Aaa, denoting that they are of the highest quality with minimal credit risk, and that the issuing company has a strong capacity to meet its financial commitments on the obligations.
The offer period for the bonds will take place from May 8 to 12, 2023, and they will be available through joint issue managers BDO Capital & Investment Corporation and China Bank Capital Corporation, which are also joint bookrunners and joint lead underwriters.
BPI Capital Corporation, EastWest Banking Corporation, First Metro Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation will also be joint lead underwriters. The bonds are set to be issued on May 23, 2023.
SM Prime remains committed to its role as a catalyst for economic growth and will continue to deliver innovative and sustainable lifestyle cities that enrich the quality of life of millions of people in the Philippines. – BusinessNewsAsia.com