SM Investments Corp. on Friday issued P10-billion fixed-rate bonds, the first tranche of its three-year debt program.
The conglomerate told the stock exchange that it listed the bonds with the Philippine Dealing and Exchange Corp. (PDEx).
The said bonds are expected to yield 3.3613% annually. These will mature in 2024.
It is expected that the proceeds from the issued debt papers will generate P9.89 billion, which will be used to refinance its existing loans.
SMIC tapped BDO Capital, China Bank Capital, BPI Capital, First Metro Investment Corp., and Security Bank Capital as joint lead underwriters.
Two weeks ago, the Securities and Exchange Commission approved the shelf registration of the company’s P30-billion debt program.
On Friday, shares in SMIC inched down 0.45% to close at P886 each. — Adam J. Ang
