Philippines’ SM Prime sets coupon for seven-year bonds at 5.0994%

By Marisa Wong

Los Angeles, Nov. 3 – SM Prime Holdings Inc. has set the interest rate for its peso-denominated series O seven-year retail bonds at 5.0994%, according to a press release.

SM Prime is offering PHP 5 billion of the bonds with an up to PHP 5 billion over-subscription option. The offer period began on Nov. 2 and ends Nov. 8. The bonds are set to be issued on Nov. 15.

BDO Capital & Investment Corp. and China Bank Capital Corp. are joint issue managers and also joint lead underwriters together with BPI Capital Corp., East West Banking Corp., First Metro Investment Corp., SB Capital Investment Corp. and RCBC Capital Investment Corp.

The issuance will be the third tranche under the company’s PHP 100 billion three-year bond issuance plan approved by the Philippine Securities and Exchange Commission in February 2020.

The bonds have been rated PRS Aaa by Philippin Rating Services Corp.

The Pasay City, Philippines-based shopping mall and retail operator will use proceeds for expansion.

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