THE Securities and Exchange Commission (SEC) has approved the shelf registration of Sy-led property developer SM Prime Holdings, Inc. for up to P100 billion of fixed-rate bonds.

During a meeting on May 23, the Commission En Banc gave the green light for the registration statement of SM Prime’s peso-denominated bonds, which can be offered in one or more tranches, the SEC said in a statement on Thursday.

 The first tranche will consist of up to P20 billion of three-year Series V bonds, five-year Series W bonds, and seven-year X bonds, with an oversubscription option of up to P5 billion.

 SM Prime is projecting to generate P24.72 billion worth of net proceeds assuming that the overallotment option of the offer’s first tranche will be fully exercised. The proceeds will be used to refinance the listed company’s debt and expand its property portfolio.

 The bonds will be offered at face value from June 7 to 14, based on the offer’s latest timeline sent to the SEC. These will be subsequently listed on the Philippine Dealing & Exchange Corp.

 SM Prime tapped BDO Capital & Investment Corp. and Chinabank Capital Corp. as the joint issue managers for the offer. They will join BPI Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, and SB Capital Investment Corp. as joint lead underwriters and bookrunners. — Revin Mikhael D. Ochave