SEC clears SMIC’s P30 billion bond issue
MANILA, Philippines — SM Investments Corp., investment holding firm of the Sy Group, obtained the Securities and Exchange Commission’s approval to issue as much as P30 billion worth of bonds.
SMIC will initially offer P5 billion worth of fixed-rate bonds with an oversubscription option of up to P5 billion.
Net proceeds from the offer, estimated at P9.8 billion, will refinance existing debt obligations of the publicly listed company.
The bonds will be issued in tranches within three years. The first tranche will comprise 3.5-year Series H Bonds due in 2024 to be issued in minimum denominations of P20,000 and in multiples of P10,000 thereafter.
The first tranche bonds will be offered to the public at face value through BDO Capital & Investment Corp., China Bank Capital, BPI Capital Corp., First Metro Investment Corp. and SB Capital as joint lead underwriters.
As a conglomerate, SMIC is into retail and mall operations, banking, property development and hotel operations, among others.
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