SM INVESTMENTS CORP. (SMIC) has issued and listed P5.6-billion bonds at the Philippine Dealing and Exchange Corp. (PDEx) on Wednesday.
In a disclosure to the stock exchange, the listed conglomerate said it had enrolled the fixed-rate notes at PDEx specifically targeted for qualified institutional buyers.
The notes will have a yield of 2.875% per annum and will mature on Jan. 22, 2022.
SMIC tapped BDO Capital & Investment Corp. and China Bank Capital Corp. as joint lead arrangers for the issuance.
The company did not specify the intended use of the proceeds from the issuance.
Based on records from the PDEx, SMIC’s P5.6-billion bond listing makes for its fifth listed securities at the local bond market.
The rest are P11.67-billion bonds due 2021, P7.68-billion bonds due 2022, P20-billion bonds due 2023, P3.33-billion bonds due 2024.
Last week, SMIC also applied for the shelf registration of a P30-billion bond program with the Securities and Exchange Commission. From this program, the company intends to do an initial issuance of up to P15-billion bonds, inclusive of a P5-billion oversubscription option.
SMIC booked P9 billion in profits for the first quarter, down 16% year-on-year due to the slowdown in its retail, property and banking units. It has set capital expenditures for the year within P94 billion to P98 billion.
Shares in SMIC at the stock exchange fell P10 or 1.08% to P915 each on Wednesday. — Denise A. Valdez