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Wednesday, April 23, 2014

SEC approves SM's P15B debt sale

The listed holding firm of Henry Sy and family obtained Securities and Exchange Commission (SEC) approval of its planned debt sale.

SEC commission secretary Gerard Lukban said the regulator, in an en banc meeting today, cleared SM Investments Corp's fixed-rate retail bond offering.

In a previous filing, SM said it would raise up to P15 billlion from a debt offering that includes an oversubscription option for another P5 billion in case of strong demand.

The bonds, which received the highest rating from the Philippine Rating Services Corp, will be offered in one or two tranches with tenors of seven and/or 10 years.

BDO Capital and Investment Corp was tapped as the issue manager for the offering.

SM is pouring P80 billion for its capital expenditures this year, P70 billion of which will be earmarked for its property business.

SM is in the business of retail, mall operations and development, financial services, residential and property development, hotel and convention centers, and gaming. Aside from its core businesses, the group also has interests in mining, infrastructure, and geothermal energy.

SM posted a net income of P27.45 billion last year, 11 percent higher from the P24.67 billion in 2012, on the strength of its banking and mall businesses.

- Interaksyon

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