SM Prime lists P30-B bonds

SM PRIME Holdings, Inc. listed on Tuesday more than P30 billion worth of fixed-rate bonds on the Philippine Dealing & Exchange Corp. (PDEx), as it pursues its expansion plans.

“The success of this latest fixed rate bonds will give SM Prime further capabilities to pursue its expansion programs of creating more opportunities for more Filipinos to build a better nation,” SM Prime Chief Finance Officer John Nai Peng C. Ong said in a statement.

He added that he was “grateful for the trust and support of the investing public” as well as the company’s bank partners, PDEx, Philippine Depository & Trust Corp., and the PDS Group.

In a regulatory filing, SM Prime said that it listed its Series S, T, and U fixed-rate bonds, which were offered on May 8 to 12. The company raised at least P30 billion from its base offering of P25 billion, with an oversubscription of P10 billion.

The company earlier disclosed that it had set rates for its Series S bonds due in 2025 at 6.2069%; Series T bonds due in 2027 at 6.2151%; and Series U due in 2029 at 6.3275%.

The issuance is under its P100-billion shelf-registration of fixed-rate bonds, which was approved by the Securities and Exchange Commission in February 2020.

The company had tapped BDO Capital & Investment Corp. and China Bank Capital Corp. as joint bookrunners and joint lead underwriters together with BPI Capital Corp., EastWest Banking Corp., First Metro Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp.

It said earlier that its fixed-rate bonds had been rated PRS Aaa by the Philippine Rating Services Corp. The rating is the highest assigned, “denoting that such obligations are of the highest quality with minimal credit risk and the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.”

“SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people,” the company said.

Its shares rose 1.47% or P0.50 to P34.50 each at the stock exchange on Tuesday. — Adrian H. Halili

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