SM Investments Corp., the listed holding company of tycoon Henry Sy, said Thursday it will issue P20 billion worth of Series G retail bonds priced at 5.1590 percent due 2023, up from the initial offer size of only P15 billion.
“The Series G bond issue was met by strong demand from a wide spectrum of investors ranging from individuals in the retail market to banks, investment funds, pension funds, insurance companies and other corporates,” the conglomerate said.
This prompted SMIC through the joint lead underwriters and bookrunners to fully exercise the issue’s P5-billion oversubscription option at the end of the offer period, which opened on Nov. 25, 2016 and closed on Dec. 2, 2016.
The bonds are set to be issued on Dec. 9, 2016.
SMIC’s Series G bonds is the maiden issue from its P50-billion bond shelf registration with the
Securities and Exchange Commission. The bond proceeds are intended to finance future investments and strategic acquisitions in SMIC’s core business segments namely, property, retail and financial services.
SMIC’s bonds are rated PRS Aaa by Philippine Rating Services Corp., the highest rating assigned by PhilRatings. The rating denotes that such obligations are of the highest quality with minimal credit risk, and that the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.