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SM Prime to issue up to P10B bonds

SM Prime Holdings, Inc. on Friday said it is planning to issue up to P10 billion in fixed-rate bonds.

In a disclosure to the stock exchange, SM Prime said it has filed an application with the Securities and Exchange Commission (SEC) for a permit to sell the fixed-rate bonds.

This will be the second tranche of bonds that are part of the company’s three-year debt securities program of up to P100 billion. The shelf registration of the bonds was approved by the SEC on Feb. 12, 2020.

SM Prime said it seeks to issue P5 billion in bonds, with an oversubscription option of up to P5 billion. The bonds will have maturities of 2.5 years and 5 years.

In a separate disclosure, SM Prime said the Philippine Rating Services Corporation (Philratings) assigned the proposed bonds a rating of PRS Aaa. Its outstanding bonds amounting to P99.96 billion maintained its PRS Aaa rating.

“PRS Aaa is the highest rating assigned by Philratings, denoting that such obligations are of the highest quality with minimal credit risk and that the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong,” the company said.

PhilRatings gave a stable outlook for the ratings of SM Prime’s proposed and outstanding bonds.

On Friday, shares in SM Prime closed 0.13% higher at P37.90 each.

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