SM Prime Holdings Inc. said it will seek to raise P7 billion through a bond sale.
The new fund raising represents the second tranche of the realtor’s P100-billion shelf-registered borrowing plan approved by the Securities and Exchange Commission (SEC) in May.
The bond sale is divided into an initial P20 billion and another P25 billion covering the oversubscription option.
SM Prime said credit rating firm Philippine Rating Services Corp. (PhilRatings) assigned a rating of PRS Aaa for the bond sale.
PRS Aaa is the highest rating assigned by PhilRatings, denoting that such obligations are of the highest quality with minimal credit risk. The rating also indicates the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.
SM Prime said capital expenditures for next year could reach as much as P110 billion from this year’s P100 billion.
Lim said SM Prime is looking to open four malls next year — La Union, Zamboanga, Laoag, and Sta. Rosa, Laguna.
