SM Prime gets SEC nod for P17-B retail bonds

SM Prime Holdings Inc. has received approval from the Securities and Exchange Commission (SEC) to offer up to P17 billion in fixed-rate retail bonds.

This issuance is the third tranche from SM Prime's P100-billion shelf-registered fixed rate bonds program.

The bonds will include Series AB maturing in 2030 at 5.9096%, Series AC due in 2032 at 6.0858%, and Series AD maturing in 2035 at 6.2855%.

SM Prime plans to issue P12 billion with an option to increase it by P5 billion.

The offer period for these bonds will be from November 3 to 7.

Proceeds are intended for financing redevelopment projects and new malls, including those in China.

Philippine Rating Services Corp. assigned the bonds its highest rating of PRS Aaa with a stable outlook.