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Manila Bulletin devider Business devider The Stock Market devider SEC registers SM Prime's P100-B bonds

SEC registers SM Prime's P100-B bonds

First tranche offering of P20 B plus P5 B overallotment option

Published May 23, 2024 08:45 am

The Securities and Exchange Commission (SEC) has approved the shelf registration of SM Prime Holdings Inc., one of the leading integrated property developers in Southeast Asia, for up to P100 billion of fixed-rate bonds and an initial offering worth up to P25 billion.

In its meeting on May 23, the Commission En Banc resolved to render effective the registration statement for the company’s peso-denominated bonds which can be offered in one or more tranches, subject to its compliance with certain remaining requirements.

SM Prime: Building strong foundations of responsible development
SM Prime's SM Megamall

For the first tranche, SM Prime will offer to the public up to P20 billion of three-year Series V bonds, five-year Series W bonds, and seven-year X bonds, with an oversubscription option of up to P5 billion.

Net proceeds from the offer could amount to P24.72 billion, assuming the overallotment option is fully exercised. Proceeds will be used to refinance the listed company’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. They will subsequently be listed on the Philippine Dealing & Exchange Corp.

SM Prime has tapped BDO Capital & Investment Corporation and China Bank Capital Corporation as the joint issue managers for the offer. 

They will join BPI Capital Corporation, East West Banking Corporation, First Metro Investment Corporation, Land Bank of the Philippines, and SB Capital Investment Corporation as joint lead underwriters and bookrunners.

SM Investments Corporation and SM Prime reported earlier this month that they have jointly established a $3 billion Multi-Issuer European Medium Term Note (EMTN) Programme.

SM Prime said the EMTN Programme was established through SMIC SG Holdings Pte. Ltd., a wholly-owned subsidiary of SMIC and SMPHI SG Holdings Pte. Ltd., a wholly-owned subsidiary of SM Prime.

“This EMTN Programme will allow SMIC and SMPH to tap the offshore bond market to fund its continued growth and expansion,” the firm said.

SM Prime is looking at P100 billion for its capital expenditure program for 2024, 25 percent more than the P8 billion spent last year, as it 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.

Of the P100 billion capex, about P20 billion have been allotted for this year’s budget for the ongoing reclamation project.
 

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SM Prime Holdings Inc. Securities and Exchange Commission
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