The Securities and Exchange Commission (SEC) has approved realtor SM Prime Holdings Inc.’s P100- billion planned borrowing.
The borrowing program will be executed in a number of transactions with SM Prime initially raising P25 billion out of the amount.
The first tranche will form part of SM Prime’s Series V, W and X bonds and will have tenors of three years, fiver years and seven years.
The bonds will be divided into an initial P20 billion and another P5 billion to cover the oversubscription option.
Proceeds of the fund-raising will be used to refinance SM Prime’s debt and expand its property portfolio.
The bonds will be offered at face value from June 7 to 14, according to the latest timeline submitted to the SEC and will then be listed on the Philippine Dealing & Exchange Corp.
SM Prime tapped BDO Capital & Investment Corp. and China Bank Capital Corp. as the joint issue managers for the offer. BPI Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, and SB Capital Investment Corp. are joint lead underwriters and bookrunners.
