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SM Prime sets interest rates for fixed-rate bonds

SY-LED SM Prime Holdings, Inc. has set the interest rates for its peso-denominated fixed-rate bonds from which funds raised will be used for its expansion plans.

In a regulatory filing, SM Prime set the rates for its Series S bonds due in 2025 at 6. 6.2069%; Series T bonds due in 2027 at 6.2151%; and Series U due in 2029 at 6.3275%.

The issuance has a total principal amount of P25 billion, with an oversubscription of P10 billion. The offer period of the bonds will be on May 8 to 12.

SM Prime Chief Finance Officer John Nai Peng C. Ong said the fifth tranche of the company’s P100-billion debt securities program will be used “in pursuance of our expansion plans that will provide the Company a stronger foothold in the key areas of the country.”

The proposed issuance is under the company’s shelf registration of fixed-rate bonds approved by the Securities and Exchange Commission (SEC) in February 2020.

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

Once the company receives the permit to sell from the SEC, the retail bonds are set to be issued on May 23.

Its fixed-rate bonds have 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 in delivering sustainable developments across the Philippine that aims to provide improvement in the lives of many Filipinos,” Mr. Ong added.

SM Prime shares closed higher on Thursday by 1.64% or P0.55 to P34 apiece. — A. H. Halili

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