SM Prime raises over P30 billion from bond issue

MANILA, Philippines — Sy-led integrated property developer SM Prime successfully raised over P30 billion from a recent offering of fixed rate bonds.

It successfully listed the bonds at the Philippine Dealing and Exchange Corp. (PDEx) through a virtual ceremony yesterday.

The company raised over P30 billion from its base offer of P25 billion, marking the fifth tranche of SM Prime’s P100-billion worth of debt securities, under shelf registration with the Securities and Exchange Commission.

John Nai Peng Ong, SM Prime CFO, said the latest fund raising gives SM Prime a bigger war chest to fund its expansion programs.

“We are very grateful for the trust and support of the investing public, as well as to our bank partners, the Philippine Dealing & Exchange Corp., Philippine Depository & Trust Corp., and PDS Group. The success of this latest fixed rate bond will give SM Prime further capabilities to pursue its expansion programs of creating more opportunities for more Filipinos to build a better nation,” said Ong.

SM Prime offered the bonds last May 8 to 12, with interest rates of 6.2069 percent, 6.2151 percent, and 6.3275 percent, respectively.

The company tapped joint issue managers, BDO Capital & Investment Corp. and China Bank Capital Corp. who also acted as joint lead underwriters along with BPI Capital Corp., EastWest Banking Corp., First Metro Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp.

SM Prime’s businesses include property and real estate, mall development and operations, office and commercial businesses, retail as well as hotels.