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SM Prime lists P25 billion bonds

Business | The Stock Market

SM Prime lists P25 billion bonds

By James A. Loyola

The Sy family’s SM Prime Holdings Inc., one of the leading integrated property developers in Southeast Asia, has listed its latest P25-billion fixed rate retail bonds at the Philippine Dealing and Exchange Corp. (PDEx) on June 24, 2024.

In the Photo (left to right): Daniel D. Camacho, Executive Vice President Group Head - First Metro Investment Corporation; Roland Gerard R. Veloso Jr., President - BPI Capital Corporation; Gonzalo Benjamin A. Bongolan, Investment Banking Head – Landbank of the Philippines; Ma. Theresa B. Ravalo, President & CEO - Philippine Depository & Trust Corp.; Alexander D. Pomento, Vice President – SM Prime Holdings, Inc.; John C. Ong, Chief Finance Officer - SM Prime Holdings, Inc.; Mr. Eduardo V. Francisco, President - BDO Capital & Investment Corporation; Ryan Tapia, President - China Bank Capital Corporation; Antonino A. Nakpil, President & CEO - Philippine Dealing & Exchange Corp.; Virgilio Chua, President - SB Capital Investment Corporation; and Gerald K. Abrogar, Head - Investment Banking - East West Banking Corporation

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its Series V, W, and X due in 2027, 2029, and 2031, respectively, is the first tranche of SM Prime’s P100 billion Shelf Registration of Fixed Rates Bonds as approved by Stock and Exchange Commission (SEC) last May 23, 2024.

For the first tranche, SM Prime offered 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.

“The successful listing of SM Prime's Fixed Rate Retail Bond Series V, W, and X have been met with overwhelming demand from the investing public, resulting in a three-fold oversubscription that has allowed us to raise an impressive P25 billion,” SM Prime Chief Finance Officer John Nai Peng C. Ong said.

He added that “this remarkable success is a testament to the unwavering trust and confidence that our shareholders, customers, business partners, and the investing community have placed in SM Prime.”

SM Prime’s Fixed Rate Retail Bond Series V, W, and X has been rated PRS Aaa with Stable Outlook by Philippine Rating Services Corporation.

Proceeds from the bond issuance will be used to refinance SM Prime’s debt and expand its property portfolio.

SM Prime has allotted P100 billion for its capital expenditure program for 2024, 25 percent more than the P80 billion spent last year. Of this, about P20 billion is for this year’s budget for the ongoing reclamation project in Manila Bay.

Related Tags

SM Prime Holdings Inc. John Nai Peng C. Ong Philippine Dealing & Exchange Corp.

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