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Thursday, April 24, 2014

SMIC gets SEC nod on P15-B bond sale

To pay for maturing debt and finance expansion, Sy-led SM Investments Corp. is selling P15 billion worth of seven- and 10-year bonds, a move the Securities and Exchange Commission en banc approved late Tuesday.

The sale of fixed-rate retail bonds features a P5-billion overallotment in case investor demand overshoots the offering.

SMIC intends to refinance P13.15-billion of obligations maturing this year.

BDO Capital and Investments Corp. was hired as lead underwriter for the bond sale.

Last March, revealed it would be spending P80 billion in capital expenditures for the year to expand of its property, retail and banking businesses.

- GMA News

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