SM Prime completes P5-billion notes issue

MANILA, Philippines – SM Prime Holdings, Inc. is announced the successful completion of its P5-billion floating and fixed rate notes facility.

The deal was arranged by BDO Capital & Investment Corp. with PNB Capital & Investment Corp. acting as co-lead arranger. The proceeds will be used to fund ongoing capital expenditures and for general corporate requirements.

The facility was oversubscribed with 11 primary institutional lenders subscribing to the issue. The strong response by the market to this financing illustrates the high credit quality of SMPHI, as well as the local market’s confidence in SM Prime Holdings, Inc.

For 2009, SM Prime plans to open SM City Naga in Camarines Sur, SM City Rosario in Cavite, SM City Pamplona in Las Piñas, and the Sky Garden at SM City North Edsa. The company is also set to expand SM City Rosales in Pangasinan.

By the end of the year, SM Prime will have 36 malls nationwide with an estimated gross floor area of 4.5 million sqm. Including the SM China malls, the company’s estimated gross floor area will reach 4.9 million sqm.